Committee formed to revive stalled real estate projects

The Union Housing and Urban Affairs Ministry has established a 14-member committee, headed by former NITI Aayog CEO Amitabh Kant, to address issues related to stalled real estate projects in India. The committee will submit its report within six months of its first meeting, according to an order issued by the ministry on March 31.

Committee's mandate

The committee will focus on legacy stalled projects and suggest ways to complete them in a time-bound manner. It will examine all aspects of stalled projects and recommend solutions to ensure their completion and handover to homebuyers.

Members of the Committee

The committee comprises top central and state government officials, including the secretary of the department of financial services in the Union Ministry of Finance, the principal secretary of the housing and urban planning department of Uttar Pradesh, and the chairperson of the Insolvency and Bankruptcy Board of India.

The Central Advisory Council, chaired by Union Housing and Urban Affairs Minister Hardeep Singh Puri, had decided to form the committee about a year ago. In its meeting on April 12, 2022, the council decided to establish a committee to comprehensively examine all issues related to stalled projects and recommend solutions for their timely completion.