New Delhi: Fed up with inordinate delays in getting possession of their properties, home buyers have now pinned their hope on the Prime Minister Modi and have sent him a missive requesting him to create a task force to identify projects that are stuck and also get a PSU to complete the projects by way of creation of a stress fund.
Home buyers, through their association ‘Forum for People’s Collective Efforts’ (FPCE) have sent the letter to Modi saying that about 5 lakh home buyers are stuck. They also requested that that all projects in the country that are delayed by more than one year should be identified within a month.
FPCE also asked that a task force be created under Ministry of Housing and Urban Affairs which should have representatives from state governments, industry experts and financial institutions, apart from home buyers. This task force should ensure timely delivery of the delayed housing units.
“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,” said Abhay Upadhyay, President, FPCE in the letter.
There should be forensic audit of the project which are delayed by more than three years, FPCE said. Promoters of delayed projects that will be completed from the stress fund should be stripped of all their assets, including personal.
The long delays are nothing but large scale organized cheating that have been committed by promoters of realty firms, alleged FPCE.
Message should go loud and clear to the realty industry that the government will allow zero tolerance towards malpractice or delay in projects.