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New Delhi: Homebuyers body FPCE has suggested that promoters of stalled real estate projects be banned for life, besides conducting forensic audits to unearth diversion of funds, making the projects financially unviable.
Forum for People’s Collective Efforts ,FPCE) President Abhay Upadhyay wrote to Amitabh KantThe Chairman, Committee on Stalled Projects, suggests measures to revive and complete the stalled projects across the country.
The panel held its second meeting on May 8 to examine issues related to legacy stalled projects.
In an order dated March 31, the Union Ministry of Housing and Urban Affairs has constituted a 14-member committee headed by former CEO of NITI Aayog. Amitabh Kant To examine issues relating to stalled real estate projects and recommend ways and means to complete them. The panel shall submit a report within 6 months from the date of its first meeting.
Upadhyay suggested in the letter that an exercise should be undertaken on a pan-India basis to identify those projects which are delayed by more than 5 years, and/or are completely stalled. State wise list of such projects should be made with all necessary details.
After identifying the projects, all such projects should be classified into financially viable projects, financially unviable projects and projects stalled for reasons other than paucity of funds.
In order to complete the long-pending/stalled projects, Upadhyay suggested that “as a rule, the promoter of such a stalled project should be completely removed”.
He said that the work should be given to a new promoter, unless the project could be completed without the continued involvement of the original promoter.
“Promoters of such stalled projects should be banned/blacklisted for life from undertaking any real estate project, which includes sale of residential units,” Upadhyay said. central advisory council Formed under RERA (New Realty Act).
If such promoters are doing projects through any other company or brand name, then those projects/companies should be taken back from them and merged with their stalled projects.
For financially unviable projects, Upadhyay said it should be ascertained by conducting a forensic audit if the promoter has diverted funds from the projects, in which case the promoter should be deprived of his personal assets to raise funds.
In addition, all possibilities should be explored to raise additional resources, such as allowing additional area for construction.
“After exhausting all avenues for raising additional resources for financially unviable projects, a separate corpus fund may be created to provide financial grants to such projects so that they can be completed without any additional burden on the home buyers of such projects.” can be done as they are already under a lot of stress due to their life time deposits being stuck for a long time.”
The association said that a separate corpus from the SWAMIH fund should be considered to provide funds for the working capital requirement to start the project immediately, especially those that are financially viable.
For projects stuck for reasons other than financial constraints, the reasons should be identified and relevant experts should be tasked to find solutions by taking up the issues with the concerned governments, departments and authorities.
“It should also be ensured that the promoters of such long pending projects are not given any immunity from the ongoing legal proceedings against them,” Upadhyay said.
The Indian real estate sector has been plagued by the problem of hugely delayed and completely stalled projects for the last several years, affecting the interest of lakhs of home buyers.
The problem is more pronounced in Delhi-NCR, one of the largest property markets in the country.
Jaypee Infratech, Unitech, Amrapali and 3C Company are some of the big companies whose projects are stalled in Delhi-NCR.
There are many other builders who have defaulted on their promises of timely delivery of their projects to the customers, who have already paid almost the entire purchase price.
Not only this, but distressed homebuyers are also paying interest on home loans and there are no signs of any quick resolution.
Against defaulting builders, homebuyers have approached various courts as well as the National Company Law Tribunal (NCLT) to secure their investments.
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