The Union Housing and Urban Affairs Ministry has set up a committee headed by Amitabh Kant, India’s G20 Sherpa and the former CEO of NITI Aayog, to examine stalled real estate projects and recommend ways to complete them.
In its order on March 31, the Ministry said the Central Advisory Council formed under the Real Estate (Regulation and Development) Act, 2016 (RERA) had in its third meeting on April 12, 2022 decided to form a committee to look into the issue of legacy stalled projects.
Almost a year later, the Ministry decided to act on the recommendation and constitute a 14-member committee. Apart from Kant as the chairman, the committee’s membership would include the NOIDA CEO, Finances Services secretary of the Union Finance Ministry, Corporate Affairs secretary, chairperson of the Insolvency and Bankruptcy Board of India and officials from the Uttar Pradesh and Haryana State Governments.
“The Committee will deliberate on the issues of legacy stalled projects and suggest ways to complete and handover these projects to the homebuyers, in a time bound manner. The Committee shall submit its report, within a period of six months from the date of its first meeting. The Committee may co-opt members, if needed,” the order said.
