Jaypee, Amrapali, Supertech, Unitech protests: Action on way, homebuyers to get their flats

The recent protests by the home buyers of Jaypee, Amrapali, Supertech and Unitech have prompted Niti Aayog to find ways to address the issue. It has asked real estate developers associations to share a list of projects that are stressed. National Real Estate Development Council (Naredco) and Confederation of Real Estate Developers Association of India (Credai) have been asked to come up with a list of housing projects that are languishing or stuck for want of liquidity, due to which the home buyers are not getting their apartments despite paying the price.

After the list is accessed, the authorities will check how much funds are required to revive the project and find ways to complete it.

At the moment, the government is looking at three to five projects to take up on an experimental basis.

“We might not even need fund to resolve (them) at the end of the day. Because if there are five projects that need Rs 100 crore, there may be a chance where customers would agree to pay a little higher and banks would say they will take a little bit of reduction in profit; so there are ways to work on,” said Sriram Kalyanaraman, managing director and chief executive officer of National Housing Bank (NHB).

According to him, every project will not be as complicated as a mega residential project, and there would be easier ways to solve it with the help of government intervention.

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Meanwhile, NHB has also sought data from private developers on the total affordable housing projects that are completed and being constructed. “The other thing is that there are enough private sector houses that are coming up while it is taking a little bit of time, and we are trying to get the data,” Kalyanaraman said.

Source: DNA Money