NEW DELHI: With thousands of homebuyers of Jaypee Infratech languishing with stuck projects, industry body Assocham today said the government and the NCLT must treat flat owners at par with banks under the insolvency law. All efforts should be made to revive the housing projects of Jaypee Infratech whose 32,000 customers have not got possession of their flats, it said. The chamber said the real estate sector has been a victim of the "unethical practices" at the state and local levels. To bail out the stuck projects, the chamber said that the government should relax the Floor Area Ratio (FAR) and tough lien conditions on land lease. Assocham called for pragmatic approach to resolve the crisis faced by the real estate sector if the government wants to achieve its 'Housing For All' target.

Source: Economic Times August 20, 2017 08:37 UTC