Joseph Bernad, New Delhi
The expected completion of the stalled housing project has increased. Banks have agreed to give loans for housing projects that have completed 60 or 70 per cent, but are held up due to lack of money. However, banks have also said that NBCC or other government companies will plan and take responsibility for resuming work on such housing project .
According to sources, last week, the Finance Ministry officials held a meeting with representatives of banks, real estate companies and officials of NITI Aayog to overcome the problem of home buyers . After this, banks have talked about funding of these stalled projects.
The government has now asked the NBCC to make a list of such projects. The information about the total land, total customers and the amount spent so far will be collected. After that the builder will be talked to and then work on housing projects will be started with the loan of banks.
According to Finance Ministry officials, several formulas have been made for loan recovery. There is also a proposal that if the housing project has any land of the builders company or if some land is vacant then its commercial can be used. It will be negotiated with the builders that after completion of the project, before the possession is given, the banks will have the right to recover the amount from home buyers.
Expert SP Suresh says that the home buyers whose money is stuck in such projects are being hit on two-way. One, they have to pay loan EMI, on the other hand they have to pay rent. If they find their home soon, they will survive this double whammy.
Earlier, the government had recently said that it could provide funds to meet the stalled housing projects and would later recover it from the builder. The government had said to recover the money by selling the builder’s property. The project for funding will be identified through a survey. Selected projects will be audited and cost estimates will be made. The responsibility of completing the project can be delegated to any one government company. With the completion of the project, the process of recovery from the developer will also continue.
