The implementation of RERA was supposed to give a much-needed
speedy redressal across India. However, in reality, except for
certain States such as Maharashtra and Delhi, the results are not
very welcoming. Moreover, at times, a favourable order either with
respect to compensation for delay or change in the layout of the
flats does not necessarily provide relief to the homebuyer as RERA
needs to spruce up in relation to the execution mechanism. In order
to provide respite to the developers and buyers, the Government has
introduced certain effective measures. One such measure was taken
on November 6, 2019, when the Finance Minister announced
establishment of a Rs 250 billion fund, in the nature of
Category-II Alternative Investment Funds (AIF). The
Government, along with Life Insurance Corporation (LIC) and State
Bank of India (SBI) were the main sponsors for the fund, which is
to be managed by SBI Cap.
