UP RERA: Set to Propose Stress Fund to Complete Pending Real Estate Projects

In the initial step towards providing some relief to homebuyers, the Uttar Pradesh Real Estate Regulatory Authority is ready to propose the stressed fund to complete real estate projects.

After submitting the proposal at its board meeting in Lucknow, the regulator will open it for suggestions, after which it is likely to assign it to the Uttar Pradesh government.

Homebuyers who have invested in various projects of unadorned groups like Amrapali, Jaypee and 3C have been demanding a stress fund to support cash-strapped builders with initial liquidity.

As much as 30,741 flats awaiting completion by Amrapali whereas Jaypee has 22,500, and 3C has 6,500 units respectively. However, the state or central government has not given any response to homebuyers demand.

UP-RERA members told that given the poor financial position of some of the projects in Noida and Greater Noida, it could be very difficult for any firm to come on board to assist complete construction without financial support from the government.

UP-RERA member Balwinder Kumar told that they have formed a proposal. Though, it will be considered collectively by the entire board on 29th July in Lucknow. While the authority takes its way to deal with the injustice by the builders towards the buyers, we as a real estate regulator will take a fair and positive stand. Our main goal is to support buyers get their flats. Whenever we can, we will arbitrate to help completion.