Good news for stuck home buyers. Govt plans a big move to revive stalled projects

Home buyers for a long time have been affected by projects that are stalled and not progressing. There are other complications that come involved with the process of buying a home including builders being insolvent and not interacting with the buyers properly. But there is a good news for those that have been waiting for a long time to get their dream houses. They might finally be able to transform their dream to reality because the Government of India has taken a decision of forming a highly operating group for the purpose of exploring possibilities of putting together a stress fund in order to deal with the multiple stagnant and stalled projects to free the home buyers that have been stuck for a long time and release them from the extra stress.

Not one, not two, rather a whooping number of 5 lakh home buyers from reputed & leading companies like Jaypee, Unity, Amarpali and 3C are stuck throughout the entire country due to the fuss associated with delayed and stalled projects. The creation of a stress fund of around rupees 10,000 crore is being demanded by the sector to the government for completion of all such projects.

In order to bring about a solution to this long, dragging problem the finance minister of India Nirmala Sitharaman took decision of holding two separate meetings. One meeting was held with the real estate industrial bodies and the other meeting was held with home buyers; so that this long standing issue can be discussed. The decision for this meeting to be held was taken in order to reach to a few conclusions regarding the multiple issues concerning the sector of real estate and to come up with decisive ideas and steps that need to be taken for the purpose of strengthening the concerned real estate industry.

Press Conference 2019

Among the delegates that attended this meeting organised by the Finance Minister are – Hardeep Singh Puri who is the Housing and Urban Affairs Minister and Anurag Thakur who is the Minister of State for Finance. Various other industrial body such as NAREDCO, CREDAI and different association of home buyers. Not only this, top tier officials from the departments – Department of Economic Affairs Revenue, CBDT, housing, RERA and Corporate Affairs were also present in this grand meeting. According to the reports that were produced by the Agencies the decision that was taken after the meeting that a group of high level officials will be formed who will be operating under Hardeep Singh Puri Housing and Urban Affairs Minister in order to fathom the feasibility of putting together
or forming a stress fund which will be capable of completing the pending projects in itself. It is expected that the group will come together to meet it anytime in the next couple of weeks.

After the meeting Puri has mentioned that quite a lot of important discussions and decisions took place in the meeting that happened with the industry of real estate. A number of issues developed and quite a few were clarified as well and an address from the government will be issued in the next upcoming days. He further added that whatever problems the home buyers facing due to the stagnant and stalled projects will be met with solutions. A few home buyers have also put forward their issues to Supreme Court and that hence the situation is complicated but given the positive
motive of the government, home buyers and the industry, solutions to all sorts of problems are right around the corner