New Delhi: Homebuyers have asked the Prime Minister Narendra Modi to make changes in the conditions of the Alternate Investment Fund (AIF) announced by the government recently to include even those housing projects that are not registered with RERA.
“Selection criteria should be altered to include all ongoing projects launched prior to RERA” homebuyers’ body FPCE said in a letter to Modi on 8 November.
The new announced AIF envisages to give financial assistance only to those delayed residential projects that are RERA registered.
FPCE President Abhay Upadhyay, in his letter to the Prime Minister, has said many states are yet to set up RERA authorities and hence real estate projects in those states have not been registered with RERA. Homebuyers in those states would be continue to suffer because of delay in completion of projects as the stalled projects would not get any financial assistance from the AIF.
He has also suggested that a task force be formed under the Housing Ministry consisting representatives of homebuyers, state government officials, financial institutions, person of repute in the society, industry experts other than builders so that proper identification of stalled projects can be done and funds can be disbursed to them.
The task force “should identify a public sector enterprise which may be assigned the job to complete such identified projects under its supervision. The task force should prepare timelines for completion of all such delayed projects and should also assign due priority according to the status of the completion of each project.” Upadhyay said in his letter to the PM.
The government recently announced that AIF would have a corpus of Rs 25,000 crore and give last mile funding options to stuck housing projects.