Blitz India | Kant-led panel to examine stalled real estate projects

Apr 06,2023

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 timebound 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 Finance Ministry, Principal Secretary of the Housing and Urban Planning Department of Uttar Pradesh and the chairperson of Insolvency and Bankruptcy Board of India. An analysis by real estate consultancy Anarock shows that as many as 500,000 homes worth Rs 4.48 lakh crore are stuck across seven micro markets in the country. The report takes into account the markets that comprise metro cities.

The National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) together account for 77 per cent of such projects. Pune had a 9 per cent share of delayed projects, and Kolkata 5 per cent. The southern metros of Bengaluru, Chennai, and Hyderabad together account for the remaining 9 per cent.