Stress funding process on, end to homebuyers' wait in sight
Welcome To CitySpidey


Stress funding process on, end to homebuyers' wait in sight

Developers of 1,227-odd affordable houses may apply for the fund for completion of stalled projects.

Stress funding process on, end to homebuyers' wait in sight

Noida: Homebuyers from across the state of Uttar Pradesh may no longer have to wait for keys of their homes. Procedure to fund all the stalled affordable group housing projects has already started. 

The state government has invited those developers who have sought stress funding to complete the incomplete units to handover keys to their homebuyers. 

According to officials of the Real Estate Regulatory Authority (RERA), UP, developers of approximately 1,227 affordable houses have already been told to give applications for grant of stress fund for completion of the stalled housing projects in the state.

The officials said that they have been communicated about the scheme brought forward for the completion of housing projects by the government of India. The developers seeking funding for their respective projects have to be registered with the regulatory authority. They need to apply for the benefit under the scheme. 

While applying, the developers should give details about incomplete projects i.e. pending dues and paucity of the fund. These projects have to be affordable under the middle-income group segment. This means their per-unit price should not exceed Rs 1.5 crore and the carpet area of the housing units should not exceed more 200 sq meters.

As per a letter sent out to developers by the regulatory authority, they have been informed to examine the preliminary eligibility of their respective group housing projects for completing it under the fund. They would have to ensure early delivery of houses to the homebuyers. After examining the details of the housing project, the government will decide whether to fund it or not.