To provide relief to homebuyers in the state, particularly Lucknow and National Capital Region (NCR), Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has shortlisted 48 housing projects, pending for years due to want of funds which will be recommended for bailout package.
If the state government accepts recommendations, at least 1.5 lakh housing units will be available to buyers by 2021.
The state government will provide funds from special Rs 25,000 crore corpus created by Union finance ministry to bail out recession-hit real estate sector.
After the formation of the corpus fund, UPRERA was asked to select projects fit for bailout package.
To qualify for bailout package, a project has to be registered under UPRERA and 70% complete when work on it stopped.
Further, the housing units has to be for middle-income group costing not more than Rs 1.5 crore and fulfil all other UPRERA guidelines at the time of its launch.
UPRERA chairman Rajive Kumar said, “A project will be eligible for assistance up to Rs 400 crore, which the developers will have to pay back to the government in a timebound manner after they start getting money from buyers.”
According to officials, the state government will screen recommendations before releasing funds to developers.
UPRERA officials said there were 159 projects with six lakh housing units pending for one reason or the other. These projects are being handled by 85 developers.
After scrutiny, UPRERA found 25 developers fit for bailout scheme. These developers are constructing 48 projects comprising 1.5 lakh housing units in Lucknow, Noida, Greater Noida and Ghaziabad. Developers who have been found eligible for bailout package include eight in Lucknow, who are handling 13 projects with around 50,000 housing units, and 17 in NCR constructing 35 projects having around one lakh units.
Three developers handling eight projects with 30,000 housing units were found to be fit in Noida. Similarly, nine developers with nine projects having around 45,000 housing units have been found eligible in Greater Noida.
In Ghaziabad, five developers with 18 projects, having 25,000 housing units, have been approved for assistance.
