Stalled realty projects: UP panel to come up with ‘possible solution’

By: | Published: July 11, 2018 3:08 AM

The empowered committee set up by the Uttar Pradesh government to look into the problem of stalled real estate projects is likely to come up with a ‘possible solution’ in next 6 months.

Stalled realty projects, Uttar Pradesh government , real estate projects , Yamuna Expressway, Credai, Naredco, Greater Noida AuthorityHousing and urban affairs minister Hardeep Singh Puri had earlier said that the empowered committee was set up for home buyers to resolve their problems at the earliest. (PTI)

The empowered committee set up by the Uttar Pradesh government to look into the problem of stalled real estate projects is likely to come up with a ‘possible solution’ in next 6 months. “Government is for the homebuyers. We want to relieve the home buyers and we are likely to come up with broad guidelines to solve this problem,” secretary of housing and urban affairs Durga Shankar Mishra told reporters after chairing the second meeting of the empowered committee.

The meeting was attended by representatives of home buyers, builders body Credai and Naredco, officials from Noida Authority, Greater Noida Authority, Yamuna Expressway, NBCC chairman Anoop Kumar Mittal, bankers, state and central government officials. “All the stakeholders put forward their problems… Now, I will meet all the stakeholders separately,” Mishra said.

There are 2.5 lakh housing units which have been delayed in the Gautam Budh Nagar in Uttar Pradesh, he said. Homebuyers have said that they are ready to pay the pending amount but will not pay anything extra while the bankers have urged the government to create stressed funds, he said. The various authorities have already audited accounts of builders who have delayed possession to home buyers. “There is some possibility but the authority said that they need to look at each case separately and study them,” Mishra said.

NBCC too believes that a solution can come up though refrained from commenting on the details. In the last meeting held on June 25, the committee had discussed state-run National Buildings Construction Corporation (NBCC) to explore options for use of vacant land parcels in the delayed projects to fast-track their completion.

Housing and urban affairs minister Hardeep Singh Puri had earlier said that the empowered committee was set up for home buyers to resolve their problems at the earliest. To start with, the committee is looking into the stalled projects of four beleaguered real estate developers such as Unitech, Amrapali, Jaypee Group and the 3C Company. Jaypee and Amrapali are already facing insolvency while managing director of Unitech is in prison and the matter too is in the Supreme Court.

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