Committee Led by Amitabh Kant Proposes Solutions for Incomplete Real Estate Projects
A committee led by former NITI Aayog chief Amitabh Kant has submitted its recommendations to address the issue of incomplete real estate projects to Union Minister for Housing and Urban Affairs, Hardeep Puri. The formation of this committee was in response to a recommendation by the Central Advisory Council under the Real Estate (Regulation and Development) Act, 2016. The report aims to tackle the challenges posed by legacy stalled projects in the real estate sector.
Union Minister Hardeep Puri commended the committee's comprehensive approach in addressing the diverse dimensions of legacy stalled projects. He emphasized that the recommendations put forth by the committee hold the potential to pave the way for the completion of these projects, ultimately providing much-needed relief to countless homebuyers who have been affected by this situation.
Resolution of Key Homebuyer Demand
One of the significant demands from homebuyers pertained to the resumption of flat registries that had been halted due to builder-related dues. This issue has been specifically addressed in the committee's report. Many honest taxpayers and homebuyers have been facing undue delays in the registry of their flats, causing frustration and financial strain. With this report, the demand to restart the registry process has been recognized and taken into consideration.
Mihir Gautam, a member of the New Era Flat Owner's Welfare Association (Nefowa), expressed satisfaction with this development. He highlighted the injustice of penalizing responsible homebuyers for the actions of builders. Gautam stated that the committee's attention to this issue has been a key achievement and is welcomed by those who have been waiting for resolution.
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Potential Relief for Homebuyers
The recommendations made by the committee have the potential to bring substantial relief to homebuyers. If state governments choose to implement these suggestions, it could result in the restart of flat registries. This move would undoubtedly alleviate the stress and uncertainty faced by thousands of homebuyers who have invested their hard-earned savings in these properties. Additionally, the implementation of the committee's recommendations could lead to the acceleration of incomplete projects, ensuring that they are completed in a timely manner.
Abhishek Kumar, president of Nefowa, emphasized that there are still a significant number of homebuyers eagerly awaiting possession of their flats, a situation that has been ongoing for far too long. He expressed optimism that the report's recommendations would be adopted and implemented promptly by the respective state governments. This, in turn, would translate to tangible benefits for the homebuyers who have been waiting patiently.
In conclusion, the committee's efforts under the leadership of Amitabh Kant have culminated in a set of recommendations that address the challenges posed by incomplete real estate projects. These recommendations offer hope for the resumption of flat registries and the timely completion of pending projects. As homebuyers and stakeholders await the implementation of these recommendations, there is optimism that they will usher in a new era of relief and resolution in the real estate sector.
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