Uttar Pradesh: Homebuyers heave sigh of relief as Yogi govt accepts Amitabh Kant panel suggestions
In an attempt to bring relief to lakhs of homebuyers in Uttar Pradesh, the Yogi Adityanath cabinet on Tuesday approved the implementation of recommendations from the Amitabh Kant committee report on real estate projects.
Two major points of the committee’s recommendations that were considered are — homebuyers must get possession and registry immediately.
During a press briefing in Lucknow, the UP government’s Minister for Finance and Parliamentary Affairs Suresh Kumar Khanna said the approval came after a proposal from the Industrial Development Department for the resolution of legacy stalled housing projects.
“The cabinet has approved the implementation of the recommendations of a central committee headed by ex-CEO of Niti Ayog Amitabh Kant,” said Khanna.
“For this, two main points were considered that buyers interest was taken into account. Those who have bought homes should get its possession and registry immediately,” the minister added.
Along with this, the Yogi cabinet also approved the implementation of ‘zero period’ relief to homebuyers as mentioned in the recommendations of the report, he said.
Khanna also clarified that these approvals do not apply to commercial, sports or entertainment projects but to all others.
According to an estimate by the Indian Banks Association, there are about 4.12 lakh homes across the country which could not be completed due to the poor financial status of the real estate developers.
“Of these stalled homes, around 2.40 lakh are in the national capital region, including Noida and Greater Noida,” Khanna said.
Some industry estimates have pegged the number of stalled homes in Noida and Greater Noida at more than 1.50 lakh, with citizens’ groups and homebuyers’ associations in the twin cities frequently holding protests demanding implementation of the recommendations of the Amitabh Kant Committee report.
According to a white paper released on November 26, 35% of India’s stalled residential projects having 1.65 lakh flats worth a total of ₹1.18 lakh crore are in Uttar Pradesh’s Noida and Greater Noida.
Besides, there are at least one lakh individuals who are still waiting to register their flats while nearly 60,000 others are yet to be handed flats long after their possession date, said the white paper, issued by citizens’ platform Noida Dialogue and private body Namo Seva Kendra.
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Published: 19 Dec 2023, 05:46 PM IST
