+
Housing ministry sets up panel for stalled realty projects
Real Estate

Housing ministry sets up panel for stalled realty projects

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".

Also Read
Chilla Elevated Road in Delhi Receives Rs 801 Cr Budget Clearance
Work commences on 40-ft-high Wipro gate, smart CRORE

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. Also Read Chilla Elevated Road in Delhi Receives Rs 801 Cr Budget Clearance Work commences on 40-ft-high Wipro gate, smart CRORE

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code