Panel recommends solutions for completion of stalled housing projects

Speed Post News Network

New Delhi : A High Level Committee of the Uttar Pradesh government has come out with recommendations aimed at providing solution to the completion of homes in the stalled projects of Noida, Greater Noida and Yamuna Expressway.

The Committee was constituted by the State government on June 18, 2018, under the chairpersonship of Secretary, Ministry of Housing and Urban Affairs (MoHUA), to address the issues of home buyers and affected parties of Noida, Greater Noida and Yamuna Expressway. The mandate of the committee was to identify the problems and to make clear recommendations to solve the issues raised by homebuyers. The committee held deliberations with all the stakeholders Home Buyers Association, Developers & their Association, Bankers, administrative Authorities concerned before finalising its report.The Committee has made a total of 10 recommendations.

The committee has said it is evident that the main reason of the stalled projects is the ‘lack of fund’ and ‘non-availability of last mile funding’. The Committee’s first recommendation pertains to RBI for issuing guidelines to enable Banks to fund this gap. It will help home buyers to get their homes. The second recommendation of the Committee pertains to Last-In First-Out (LIFO) model for execution of Stress Fund to ensure the confidence of an investor to put its money to complete the stalled projects as it will also help home buyers to get their homes, according to a PIB release.

One of the recommendations is to permit the affected home buyers to get the title deed registered on stamp duty at the rate prevailing at the time of committed date of the completion of the project by the developer. It will give huge monetary benefits to each affected individual home buyer.