Stress fund to bail out stuck realty projects? 

The housing ministry has urged the finance ministry to expedite setting up of a “stress fund” to complete housing projects in Noida and Greater Noida that are stuck. It has also suggested to the Uttar Pradesh government to implement recommendations of a high-powered committee to bring relief to lakhs of homebuyers who have been waiting for their flats for years. Sources said Union housing secretary D S Mishra has written to the financial services department for early creation of the fund. Mishra, who headed the UP government-appointed high-powered committee, said, “Builders and buyers cannot be dissociated. The focus is to complete projects. The recommendations have been made with a focus on buyers. Direct relief or relaxations to builders have been suggested, only if they give written undertaking to complete projects within three years,” he said.