Housing ministry establishes panel to activate stalled realty projects

05 Apr 2023 CW Team

A committee led by former Amitabh Kant, CEO, Niti Aayog, has been established by the housing and urban affairs ministry to look into the problems with the nation's long-stalled real estate projects and make recommendations for how to finish them.

Over a year after the Central Advisory Council (CAC), which was presided over by Hardeep Singh Puri, Union Housing and Affairs Minister, made its decision, the ministry informed the committee.

Within six months, the committee must produce a report outlining strategies for "completing and handing over" these projects in a "time bound manner."

Including the union finance and corporate affairs secretaries, the secretaries of the governments of the United Kingdom and Haryana, the chair of the Insolvency and Bankruptcy Board (IBB), the heads of the real estate regulatory agencies, and the chief investment officer of the SWAMIH investment fund, make up the 14-member committee.

Even while this isn't the first time a panel has been formed to figure out how to finish the unfinished projects, sources claim the committee includes decision-makers from all disciplines, including IBB, top government officials, and development authorities, who "analyse" all concerns holistically.

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