UP RERA meets 15 promoters over stress fund to incomplete projects

Noida: The Chairman of Uttar Pradesh Real Estate Regulatory Authority (UP RERA), Rajive Kumar on Friday conducted a meeting with 15 promoters over stress fund to be given to housing projects related to affordable and middle income group.

UP RERA had roped in Currie & Brown agency to audit the real estate projects. As per their audit report, 15 promoters were invited to take part in the meeting over stress fund.

The RERA has asked all the 15 promoters to apply to SBI Capital to get fund for projects which are last stages.

To complete the real estate projects, the monitoring of stress fund will be done by SBI Capital.

SBI Capital will make fund available to the projects after assessing their current status. 

The venture will be taking checking various parameters before releasing the fund. They will be assessing whether the project is registered with RERA and need of fund for completion of project.

As per an official, priority will be given to projects which are near its completion and must belong to affordable and middle-income group. 

“Funds will be released to projects where carpet area of the housing unit should not exceed 200 square meter. As well, price of unit should not be in excess of Rs 1.5 crore,” he said.

At the maximum, any project can get Rs 400 crore to complete the construction. 

The Centre had announced to make a corpus fund of Rs 25,000 crore to complete the projects.