Budget 2019: Homebuyers seek Rs 10,000-cr fund to complete stalled projects

The government in the upcoming budget should create a Rs 10,000-crore fund to complete stalled real estate projects across the country and provide relief to over 500,000 people who have booked properties, according to home buyers' body FPCE. Budget2019

In its budget recommendation to the finance minister, Forum For People's Collective Efforts (FPCE), earlier knows as Fight for RERA, also demanded that home buyers should be categorised as primary secured creditors.

"You are aware there are over five lakh home buyers whose hard earned life savings are stuck in different real estate projects across the country due to indefinite delay and fund diversion by builders," FPCE President Abhay Upadhyay said and pitched for the creation of a stress fund to end the mental and financial stress of these home buyers.

The memorandum further noted that "despite RERA (realty law), most of the ongoing projects have not been completed. It is time now to end this problem by creating a stress fund' to the tune of at least Rs 10,000 crore to complete stuck real estate projects on pan India basis."
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