Amitabh Kant to lead panel to examine stalled real estate projects

The Union Housing and Urban Affairs Ministry has set up a 14-member committee headed by former NITI Aayog CEO Amitabh Kant to examine issues related to stalled real estate projects and recommend various ways for their completion.

According to an order issued by the ministry on March 31, the committee will submit its report within six months from the date of its first meeting.

The 14-member panel will deliberate on the issues of legacy stalled projects and suggest ways to complete and hand over these projects to homebuyers in a time-bound manner, the order states.

The Central Advisory Council chaired by Union Housing and Urban Affairs Minister Hardeep Singh Puri had decided on forming such a committee about a year ago.

The committee comprises top central and state government officials, including the secretary in 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 og Insolvency and Bankruptcy Board of India.

In its meeting held on April 12, 2022, the Central Advisory Council had decided to constitute a committee to examine holistically all the issues related to stalled projects and suggest ways to complete them in a time-bound manner.