A high-level committee of the Uttar Pradesh government had given 10 recommendations aimed at solving the problems of stalled construction projects in Noida, Greater Noida and Yamuna Expressway that will benefit homebuyers, the Union Housing and Urban Affairs Ministry said in a statement on Monday.
Affected parties
The committee had been formed on June 18 to address the issues of homebuyers and affected parties, the Ministry said.
The committee’s mandate was “to identify the problems and to make clear recommendations to solve the issues raised by homebuyers”, the statement read. “It is being noticed that on various social media platforms the recommendations of the Report have not been clearly understood and it has been alleged that it favors the developers/builders [sic],” the Ministry said.
‘Lack of fund’
“It is evident that the main reason of the stalled projects is the ‘lack of fund’ and ‘non-availability of last mile funding’, therefore the Committee’s first recommendation pertains to RBI for issuing guidelines to enable Banks to fund this gap. [sic],” the statement noted.
Listing out the other nine recommendations, the Ministry said none of the recommendations put “any additional burden on the homebuyers”.
“...rather they will smoothen completion of the projects to deliver possession to home buyers at the earliest as the cost already conveyed to them by the developers/builders,” the statement read.
