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The government has started the process of identifying the stuck people. housing projects across the country in its efforts to help distressed home buyers by ensuring early delivery of such projects.
The Union Ministry of Housing and Urban Affairs (MoHUA) has directed Chief Secretaries of all States and Union Territories to provide necessary information regarding stalled projects in their respective jurisdictions.
In April, the ministry constituted a 14-member committee under the chairmanship of Amitabh KantThe former CEO of NITI Aayog and India’s G-20 Sherpa will holistically examine the stalled real estate projects and suggest remedial measures to make these projects accessible to home buyers.
This committee is working in full swing and will soon come up with its recommendations to complete these projects, Union Housing and Urban Affairs Minister Hardeep Singh Puri Said in May.
Puri had said, “I recommend that this committee make its recommendations at the earliest and all the stakeholders should fulfill their responsibilities without any further delay so that these projects are completed soon and the homes are handed over to the buyers, who Been waiting too long.” Then said
Following the ministry’s direction, state governments have reached out to home buyers’ associations to provide details in addition to the information already available with the authorities.
“This is a much-needed exercise as it will help in compiling a comprehensive data on stalled projects across the country. The clear and real-time data will help in formulating a better action plan and strategy to ensure that distressed homebuyers are provided relief by delivering their apartments. We hope that all state governments will make a sincere effort to identify and trace each and every stuck project so that all distressed home buyers are covered.”
He also emphasized that this is an opportunity for the homebuyers to help the government in resolving the issues related to their stuck projects apart from the respective state governments and homebuyers association. Rare officers.
The FPCE had earlier recommended compilation of such data in a meeting with the stalled projects committee to prepare a plan of action.
The government is trying to formulate a strategy to provide solutions to several stalled housing projects across the country that were launched before the enactment of the Real Estate (Regulation and Development) Act, 2016 (RERA).
In 2019, the government set up an Alternative Investment Fund (AIF) – the Special Window for Affordable and Middle-Income Housing Fund (AIF).owner) An investment fund of Rs 25,000 crore to provide last-mile funding for such stalled housing projects.
The fund received commitments of Rs 10,037.5 crore in its first close in December 2019, where the Government of India invested up to Rs 5,000 crore.
The government recently announced an investment of an additional Rs 5,000 crore, taking its final tally to Rs 15,530 crore. The additional commitment will enable the fund to continue evaluating deals until December 2024.
state Bank of India is one of the anchor investors of the fund along with Life Insurance Corporation of India ,LIC, mortgage lender HDFC And major nationalized banks are also among its major investors.
The fund is an important measure taken by the government to infuse liquidity into distressed projects, so that home buyers across the country can get delivery of their stuck apartments.
SWAMIH has helped unlock over Rs 35,000 crore of liquidity in the economy by helping complete stalled housing projects across the country.
By the end of March, the Rs 15,530 crore fund sponsored by the finance ministry had given final approval to 130 projects with an approval of Rs 12,500 crore. It has already completed 20,557 homes and aims to complete over 81,000 homes in 130 projects across 30 Tier-1 and 2 cities in the next three years.
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