A common man buys a house by investing his lifetime capital. If that too is not found in time, then a mountain of troubles breaks down on him. That's why now the central government is going to do something that will bring new life to these stuck real estate projects.
If you have also bought a house somewhere in Delhi-NCR and have not yet received its possession. Then this news is very important for you. The Government of India may soon bring changes in the law to complete the stalled projects of houses bought with your hard earned money. For this, an expert panel was formed by the Ministry of Urban Affairs, whose report has now come.
The 14-member expert panel headed by former NITI Aayog chief Amitabh Kant has submitted its report to Housing and Urban Affairs Minister Hardeep Singh Puri. The panel has recommended bringing a scheme and making changes in the bankruptcy law to complete the stuck real estate projects across the country at the earliest.
Projects will be completed, future will be better
The common man spends his lifetime's earnings to buy a house. In such a situation, if a project gets stuck, then it is very painful for him. Keeping all these things in mind, the expert panel looked into the problem of stuck projects.
In its report, the panel has recommended encouraging financial institutions to fund these projects. For this, they should be offered loans at subsidized interest rates, as was done for small and medium industries. This will reduce the risk of these projects and they will be completed at the earliest. If the government wants, it can also create a guarantee fund for this.
Bankruptcy law should be the last option
Apart from this, the panel found that if the internal rate of return is improved in the stuck projects, then they can get more funding. At the same time, the rules of bankruptcy law can also help, although taking them to the judicial field should be the last option. The resolution of any project is beneficial for all the stake holders. The committee has also suggested suitable changes in the bankruptcy law to implement this system.
On this occasion, Minister Hardeep Singh Puri said that the states and union territories need to implement the report of the committee as soon as possible. So that those who have booked flats, they can be given delivery as soon as possible.
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