UP-RERA to propose stress fund to complete pending realty projects
In the first step towards providing some relief to homebuyers, the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) is set to propose the creation of a stress fund to complete pending real estate projects on Monday.
After tabling the proposal at its board meeting in Lucknow, the regulator will open it for suggestions and discussion, after which it is likely to send it to the UP government.
Homebuyers who invested in several projects of embattled groups like Amrapali, Jaypee and 3C have been demanding a stress fund to help cash-strapped builders with initial liquidity. While Amrapali has 30,741 flats awaiting completion, Jaypee has 22,500 and 3C has 6,500.
However, their demand has so far not received any response from the state or central government.