Uttar Pradesh RERA likely to bail out 48 pending housing projects

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.