Housing ministry sets up panel for stalled realty projects

07 Apr 2023 CW Team

The Housing and urban affairs ministry has set up a committee headed by former CEO of Niti Aayog, Amitabh Kant to examine the issues related to legacy stalled real estate projects in the country and recommend ways to complete them.

The ministry notified the committee almost a year after the Central Advisory Council (CAC) headed by Union housing and affairs minister Hardeep Singh Puri had decided on the move. The committee shall submit its report within six months suggesting ways to "complete and handover" these projects in a "time bound manner".

The 14-member committee comprises of top central and state government officials, including Union finance and corporate affairs secretaries, secretaries from UP and Haryana governments, chairperson of Insolvency and Bankruptcy Board (IBB), chiefs of real estate regulators and chief investment officer of the SWAMIH investment fund.

Though this is not the first time when a panel has been set up to find ways to complete the pending projects, sources said the committee has decision makers from all fields - from development authorities, top government officials to IBB - to "examine" all issues holistically.

Raising the issue of legacy projects, CAC members on April 12, 2022 had urged the government to look into the incomplete projects which were launched prior to 2016. Abhay Upadhyay, a CAC member said they had urged the ministry to include homebuyers' representatives in the panel since "they are the ultimate sufferers in all stalled projects and they must have a representative in the panel".

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