Some stalled projects tarnishing image of entire sector: CREDAI


Realtors’ apex body CREDAI, has expressed concern that the image of the entire real estate industry was taking a hit, due to the stalled projects of some big builders in Delhi-NCR

To deal with the problem of stalled projects in Delhi-NCR, CREDAI-NCR president Pankaj Bajaj, on August 31, 2017, said that the association’s members could become co-developers in such projects, provided that they have legal safeguards backed by a state policy. Bajaj mooted this idea at a meeting among a group of ministers of the Uttar Pradesh government, senior officials of Noida, Greater Noida and Yamuna Expressway authorities and developers, to discuss the problems of home buyers, particularly of three builders – Jaypee, Amrapali and Unitech.

The Delhi-NCR property market is currently witnessing huge protests by home buyers of Jaypee Group and Amrapali, due to significant delays in the delivery of their projects. These two firms have also defaulted on repayment of loans to lenders. Buyers of other developers, such as Unitech, The 3C Company, Today Homes, Cosmic Group and Earth Infrastructure, are also protesting on streets. Representatives of Jaypee and Unitech did not attend the meeting, while Amrapali’s top management was present.

See also: Jaypee Infratech Insolvency: What options do aggrieved home buyers have?

A three-member panel has been formed by the state government, to address issues being faced by home buyers. The image of the entire industry was suffering, because of stalled projects, said Bajaj, adding that CREDAI had given its suggestions to the group of ministers. “Once a viable structure for appointing co-developers in stalled projects is found, we shall be circulating the list of available projects amongst our members. We hope the situation gets resolved,” he said.

However, Bajaj made it clear that CREDAI’s role would be that of a facilitator and not a developer or guarantor. “We also want to appreciate the all-out efforts of the state government to ensure deliveries to the home buyers,” he added.

 

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