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A national lobby of homebuyers has demanded seizure of assets for promoters whose stalled projects need the government’s stress fund for completion to realise the money spent on the job they had left undone. The Homebuyers feel money raised from the sale of the seized assets can be used to finish impede projects and in the event of a shortfall government’s stress fund can be draw on.
“If the projects have remained unfinished despite raising money from homebuyers and banks, then the promoters now need to contribute towards the completion of the same. This can only be done through coercive measures and hence there is need for seizure of their assets,” FPCE president Abhay Upadhyay told ET.
Last month the government proposed a special window which would financially help through a Rs. 20,000 crore corpus for affordable housing projects which are stuck. The Government has also committed half the amount and the rest can be raised from other financial institutions. The Funds should also not be given to the promoters directly but to the contractors who have been given the responsibility to complete the work of the homebuyers.
And also the funds should be disdistributed equally in all the zones east, west, north and south.
A broad guideline should also be followed that the projects nearing the completion and also the projects which are delayed beyond 5 years should be completed first. It has also been suggested to make a separate cell within the housing ministry to deal with and coordinate all the projects.
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