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New Delhi: The Ministry of Housing and Urban Affairs has constituted a committee under the chairmanship of former CEO of NITI Aayog. Amitabh Kant To examine issues relating to old stalled real estate projects in the country and recommend ways and means to complete them.
The ministry notified the committee after almost a year central advisory council (CAC) headed by the Union Minister for Housing and Affairs Hardeep Singh Puri had decided to go.
The committee will submit its report within six months, suggesting ways to complete and hand over these projects in a “time-bound manner”. The 14-member committee comprises top central and state government officials, including Union finance and corporate affairs secretaries, UP secretaries and Haryana Governments, chairpersons of the Insolvency and Bankruptcy Board (IBB), heads of real estate regulators and chief investment officers owner investment fund.
While this is not the first time a panel has been set up to find ways to complete pending projects, sources said the committee has decision makers from all walks of life – from development authorities, top government officials to IBB – all To “investigate” the issues holistically.
Raising the issue of old projects, the CAC members had on April 12, 2022 urged the government to look into the incomplete projects which were started before 2016. Abhay UpadhyayA CAC member said he had urged the ministry to include representatives of homebuyers on the panel as “they are the ultimate sufferers in all stalled projects and they should have a representative on the panel”.
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