Solution for stalled home projects next week: FM

Real Estate (Reuters image)

New Delhi: Holding out hope for distressed home buyers across the country, Finance Minister Nirmala Sitharaman Friday said that the government is working on a solution to get the stalled housing projects completed.

Announcing steps to boost the economy in a press meet here, the minister said that the measures for the distressed home buyers would be announced next week along with other steps.

The announcement comes days after the minister and Finance Ministry officials met stakeholders of the country’s real estate market, including developers, realty associations and home buyers.

In the meeting on August 11, liquidity problems and completion of stalled projects were discussed whereby the developers suggested the creation a stress fund for completion of stalled projects.

The home buyers’ association, Forum For People’s Collective Efforts (FPCE), in its letter to Sitharaman had said that the stalled projects can be solved with a stress fund of at least Rs 10,000 crore.

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