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Looking into incomplete realty projects, homebuyer issues: Govt

Looking into incomplete realty projects, homebuyer issues: Govt

NEW DELHI: The government said today that it is looking into the matter of a number of real estate projects lying incomplete and homebuyers’ money stuck in them.

The Real Estate (Regulation and Development) Act, 2016 has already been enacted to protect the rights and interests of consumers, it said.

The Act aims at promoting uniformity and standardisation of business practices and transactions in the real estate sector, Minister of State for Corporate Affairs P P Chaudhary informed the Lok Sabha in a written reply.

The Act has been enacted by the Ministry of Housing and Urban Affairs.

To a query seeking details about the number of real estate projects lying incomplete and the number of homebuyers whose money has been stuck in these projects, Chaudhary said, “the matter is being looked into”.

The response was the same to questions on whether the government has taken cognisance that homebuyers are facing difficulty in repaying bank loans due to the incomplete projects and whether it proposes to formulate any policy to protect the interest of such homebuyers.

Chaudhary is also the Minister of State for Law and Justice.

In recent times, there have been rising concerns about incomplete realty projects and difficulties faced by homebuyers. Some of the real estate firms are facing insolvency proceedings.

PTI