Home buyers body wants PSU to complete stuck projects

A home buyers association has written a letter to the Prime Minister demanding creation of a task force to identify stuck housing projects and nominate a PSU to complete these homes through creation of a stress fund. The Forum for People’s Collective Efforts (FPCE) said it has written to Prime Minister Narendra Modi in view of recent order by the Supreme Court in Amrapali case that the Centre and state governments should take steps to help all distressed home buyers. “Now, as head of the government and also being most popular leader who has come back with huge majority, it is incumbent upon you to rise up to the expectations of not only the apex court but also to the millions of stuck homebuyers by taking effective steps to resolve the present issue,” FPCE President Abhay Upadhyay said in the letter to Modi.

 

Stating that around 5 lakh home buyers are stuck, the association suggested that all projects that are delayed by more than one year should be identified within one month. A task force under the Ministry of Housing and Urban Affairs should be formed with representations from home buyers, state governments, financial institutions and industry experts (other than builders) to ensure deliveries of delayed projects, starting with those nearing completion. A Public-Sector Enterprise should be assigned the job to complete such identified projects in supervision of the said task force. "The task force should estimate the seed capital needed for completion of all such delayed projects for which a separate “stress fund” may be created and its utilization should be strictly monitored by the said task force,” Upadhyay said.