ghaziabad the federation of apartment owners association fedaoa in the city has written to the centre suggesting that a clause be inserted in the rera act making it mandatory for builders to create a corpus that can be used to complete a stalled projectthe forum suggested that builders be mandatorily asked to contribute a portion of the money earned from selling flats towards the corpus there have been a number of instances where builders have defaulted or have been declared absconders after leaving a project in a limbo it is the buyer alone who eventually bears the brunt said alok kumar president of fedaoa there is a provision in the rera act under section 75 1 of the act a real estate regulatory fund can be created for a project the money could later be used in completing abandoned projects this will provide relief to distraught buyers but the fact remains that this is still not in practice it is against this backdrop that we have written to the ministry of housing and urban affairs to implement the order kumar said the move comes a day after the uprera bench in neighbouring gautam budh nagar has planned to adopt abandoned projects in the district in ghaziabad there are over 1100 flats across several projects that have been left midway by the builderkumar said one of the viable options of addressing the problem was to create a real estate regulatory fund he suggested that a portion of a transaction between a buyer and a builder be contributed towards the corpus some part of a transaction say between 05 and 1 of the real estate property could be charged as contribution towards the corpus kumar said the corpus will act as a contingency fund and can be called an insurance or emergency fund this money can be used when a project is stuck and is nowhere near completion he addedspelling out possible benefits of the fund kumar said it would take burden off the government machinery which is time and again approached for releasing stress funds the funds for the corpus can be shared by the buyers collectively at the time of booking any real estate projectsuch a step will not only lead to a lesser burden on courts and authorities but also ensure more and more projects are completed in time kumar said