Overview
NEW DELHI: Over 75,000 homebuyers of Amrapali, Jaypee Infratech, and Unitech in the National Capital Region (NCR) may not qualify for assistance from the Rs. 25,000 crore stress fund. This is due to various conditions set by the government under the plan, as reported by industry stakeholders and homebuyers.
Industry Perspective
Gaurav Gupta, Joint Secretary of the NCR chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI), stated:
These three developers may not be eligible; however, the real estate market goes beyond them. Even if we exclude the projects under these three companies, two lakh homebuyers will benefit.
Legal Challenges
Approximately 35,000 Amrapali clients plan to file a petition with the Supreme Court to make them eligible for the funding. A few homebuyers at Jaypee and Unitech stated they haven’t decided on the next steps yet. The finance ministry clarified that the fund won’t be invested in projects facing litigation in the high courts and the Supreme Court.
In the NCR region, houses priced over Rs. 1.5 crore are also ineligible. Abhishek Kumar, an Amrapali homebuyer, said:
Our next hearing is on December 2, where we intend to request the court to direct the government or pass an order making our apartments eligible for the funding.
Regulatory Requirements
The Supreme Court had deregistered Amrapali’s projects. According to the finance ministry’s orders, only projects registered with the Real Estate Regulatory Authority (RERA) are eligible for the funding.