Uttar Pradesh Govt Okays Amitabh Kant Committee Recommendations, Almost 2.50 Lakh Homebuyers Set To Benefit

Lucknow, December 19, 2023: The Uttar Pradesh cabinet on Tuesday gave its nod to the recommendations of the union Government formed Amitabh Kant committee report on stalled real estate projects. The committee was formed by the central Government to examine the issues related to legacy stalled real estate projects.

UP Government’s approval to the Amitabh Kant’s committee recommendations is estimated to help in revival of over 200,000 stuck flats in Noida, Greater Noida ,  Yamuna Expressway and Ghazibad. The move will bring relief to aggrieved homebuyers who have been waiting to receive possession and/or registration of their houses for years.

The committee recommended de-linking registration of projects from the recovery of dues from builder.

The committee’s recommendations include introduction of a ‘Zero Period’ suspending interest and penalties due to events like the Covid-19 pandemic and court orders suspending projects within a 10 km radius of the Okhla Bird Sanctuary.

The committee also recommended allowing developers to induct co-developers, either for entire projects or specific parts thereof without any permission from Noida, Greater Noida and land-owning authorities, for additional funds to ensure completion of the stuck projects.