27/09/2017
Rs 1,500 crore fund proposed for stalled real estate projects:---- GREATER NOIDA: In what may benefit over a lakh homebuyers, the Greater Noida Industrial Development Authority has proposed the creation of a special relief fund to bail out the stalled realty projects of small builders.
This proposal entails earmarking of Rs 1,500 crore for the fund for the use of stuck group housing projects in the city.
Officials said the proposal was put up before the three-minister cabinet committee set up by UP chief minister Yogi Adityanath on September 12.
However, a decision on the proposal is yet to be taken by the committee. Once cleared, developers would be able to take a loan from this fund at a low interest rate ranging between 3% and 5% to complete their projects and hand over possession of flats to homebuyers, officials said.
"About 70 to 80 housing projects in Greater Noida are stalled for want of funds. Builders of these projects have a problem of liquidity and have no resources to complete the same and hand over homes to mo ..
