Uttar Pradesh approves Amitabh Kant Committee proposals; likely to provide relief to homebuyers

LUCKNOW: The Uttar Pradesh cabinet on Tuesday approved the implementation of recommendations from the Amitabh Kant Committee report on real estate projects, in a move that could bring relief to lakhs of homebuyers in the state.

The approval came after a proposal of the Industrial Development Department for the resolution of legacy stalled housing projects, cabinet minister Suresh Kumar Khanna said during a press briefing in Lucknow.

“The cabinet has approved the implementation of the recommendations of a central committee headed by Ex-CEO of Niti Ayog Amitabh Kant,” said Khanna, the state’s Minister for Finance and Parliamentary Affairs.

“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,” he said.

Along with this, the Cabinet has approved implementation for ‘zero period’ relief to homebuyers as mentioned in the recommendations of the report, he said. However, these approvals do not apply to commercial, sports, or entertainment projects but to all others, the minister added.

Citing an estimate by the Indian Banks Association, there are about 4.12 lakh homes across the country that could not be completed due to the poor financial status of the 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 to around 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.

Source: Press Trust of India