Create ‘Stress Funds’ to complete stuck projects in Noida & Greater Noida
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In a move to provide relief to the home buyers of Noida and Greater Noida, the housing ministry has persuaded Finance ministry to create ‘Stress Funds’ to complete stuck housing projects in these two NCR areas. According to an official, Housing and Urban Affairs Secretary Durga Shanker Mishra has written a letter to the Department of Financial Services on this subject.

The decision to create ‘Stress Funds’ took place in a meeting of empowered committee members under the leadership of Durga Shanker Mishra. A rough estimate has revealed that about 2.5 lakh housing units stalled in Noida, Greater Noida and Yamuna Expressway areas.

Giving more details, the official said, “To resolve the issues of home buyers in Noida and Greater Noida, the committee took this step. Through stress funds, builders will be able to complete the stalled housing projects. A letter has also been written to the Department of Financial Services (DFS) to take a decision on this issue,”

Durga Shanker Mishra said that the report submitted to the Uttar Pradesh government on delayed projects is aimed at protecting and benefiting home buyers.

Apart from this, the empowered committee has also suggested many other recommendations such as a new guideline by RBI which will further enable banks to bridge the monetary gap and complete the delayed projects.

“Other recommendation 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 affected home buyers” official added.