NEW DELHI: The government is exploring ways of resolving a long-brewing real estate crisis that's left home buyers in the lurch as developers have struggled to complete projects. Thousands of buyers who've paid for Jaypee homes, many through loans, are unsure about what will become of their investments. The government is also exploring the possibility of appointing a receiver or state agency to complete stalled projects.What's adding to the government's concern is that with the Real Estate (Regulation and Development) Act coming into force, the problem could grow to bigger proportions with more stalled projects going insolvent. The project has 305 towers, of which 250 are incomplete.Japyee Infratech is among 12 big corporate loan defaulters against which the Reserve Bank of India has asked banks to start insolvency proceedings. The others include Bhushan Steel, Bhushan Steel and Power, Electrosteel Steels, Lanco Infratech, Alok Industries and Jyoti Structures.

Source: Economic Times August 14, 2017 19:42 UTC