''Govt should expedite sanctioning amount from Rs 25K cr stress fund for stalled housing projs''

OutlookApril 25, 2020 20:00 IST''Govt should expedite sanctioning amount from Rs 25K cr stress fund for stalled housing projs''outlookindia.com 1970-01-01T05:30:00+0530New Delhi, Apr 25 (PTI) Realty firms are not able to access money from the government''s Rs 25,000 crore stress fund to complete stalled housing projects, and all roadblocks should be removed for success of this scheme, said Anthony De Sa, Chairman, Madhya Pradesh-RERA. At the outset, Uttar Pradesh RERA Chairman Rajive Kumar said the construction activities need to start whenever the government permits. The UP-RERA chairman also stressed on adoption of safe practices and proper training to labour force for maintaining hygiene as well as social distancing once construction work starts on the sites. Anthony De Sa said the problems of liquidity crisis and demand slowdown have exacerbated because of the lockdown. Talking about the stress fund, he said the government had in November last year created a special window of Rs 25,000 crore for completion of over 1,500 stalled housing projects. Anthony said existing lenders are not giving the NoCs (no-objection certificates) for creation of first charge to SBI CAP, which is managing this fund. Anthony De Sa also stressed on the need to rationalise the circle rates in various states so that these reflect the current market situation. Haryana RERA Chairman K K Kahndelwal said steps need to be taken to kick-start engine again and that too at fast pace, as real estate has a multiplier effect on the economy. He pitched for the single window approval system for development of real estate projects to bring down the property cost.