Good news for homebuyers: Yogi Govt approves Amitabh Kant Committee proposals — Immediate possession, registry, other major recommendations approved

In a move that could bring relief to lakhs of homebuyers in the state, the Chief Minister Yogi Adityanath=led Uttar Pradesh Cabinet on Tuesday approved the implementation of recommendations made in the Amitabh Kant Committee report on real estate projects. UP's Minister for Finance and Parliamentary Affairs Suresh Kumar Khanna informed that the approval came after a proposal of the Industrial Development Department for the resolution of stalled housing projects.

He said, "The Cabinet has approved the implementation of the recommendations of a central committee headed by Ex CEO of Niti Ayog Amitabh Kant."

"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 added.

The minister also said that the Cabinet has approved implementation for 'zero period' relief to homebuyers as mentioned in the recommendations of Amitabh Kant Committee report.

The minister, however, added that these approvals do not apply to commercial, sports or entertainment projects but to all others.

As per an estimate if 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 developers. "Of these stalled homes, around 2.40 lakh are in the national capital region (NCR), 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.
 

Amitabh Kant Committee's Recommendations

• Interest and penalty imposed on builders must be waived off
• Registration of flats should begin immediately
• Extra charges must not be collected from homebuyers
• Separate accounting book for each project
• Co-developers to get sops
• Surrendering of land must be allowed
• Completion of stuck projects
• Stuck projects should get priority in funding
• Builders receive loans at cheap interest rates

(With Agency Inputs)