CREDAI steps in to resolve complaints of NCR home buyers

CREDAI has stepped in to resolve the woes of homebuyers who are suffering delays in delivery of flats and are now faced with losing out to secured creditors under insolvency procedure. It has held a series of meetings with political leadership in Uttar Pradesh and presented a bouquet of options to the Government. The main thrust of these options is to bring in credible and resourceful developers into the delayed projects, as investors or co-developers who would complete the projects and use an escrow mechanism to ensure that cash flows from unsold portion of the project inventories are used up towards balance cost of construction.

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