The plan was discussed in a meeting between officials of the district administration and the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) on Saturday.

While Rera benches have taken several steps against defaulting builders, this is perhaps the first time that such a move has been announced under the new real estate law.

In the fund, Rs 10,000 crore will be contributed by the central government and roughly the same amount will come from outside investors.

The top court also warned that the home buyers' unwillingness to pay the outstanding dues may lead to winding up of the stalled projects due to financial crunch.

This NCR region well-connected to key areas of Noida and Greater Noida through the Expressway and Aqua Metro Line.

The government is also likely to make changes to the definition of affordable housing as sought by developers.

These 23 projects comprised of 7,620 units – about 11 per cent of the total 69,000 units launched in the quarter.

Severity of disasters, which are taking place at shorter intervals, has prompted insurers to consider hiking rates in April 2020, when policies come up for renewal.

The court also warned that officers of Noida and Greater Noida will be sent to jail if there was any delay on their part in handing over possession of flats to buyers.

There are around 1.74 lakh stalled housing units across the top seven cities and their buyers can now stake claims to their dues by initiating insolvency proceedings against the errant developers.

Necessary instructions have already been issued to the designated banks to ensure refund of registration amount to the unsuccessful applicants within a week.

Property builders hope the current rate cut would translate into lower EMIs on housing loans and will aid the sluggish property market.