Stalled Housing Projects: There are lakhs of people in the country who had booked their dream home years ago. But even after a decade has passed, they are yearning for the possession of their house. But the government has started the exercise to complete these stuck housing projects and to ensure the delivery of their houses to the home buyers soon. The Ministry of Housing and Urban Development has constituted a committee under the chairmanship of Amitabh Kant, former CEO of NITI Aayog and G20 Te Sherpa, to prepare a roadmap for completing the stuck projects. This committee will give its recommendations and suggestions to fulfill the government.
This 14-member committee, headed by Amitabh Kant, will include top officials of the central and state governments, as well as secretaries of the Ministry of Finance, Ministry of Corporate Affairs, Uttar Pradesh and Haryana, besides the chairman of the Insolvency and Bankruptcy Board. Apart from the Chairman of Real Estate Regulators, Swamih Investment Fund, Chief Investment Officer of SBITAP Ventures Limited, CEO of Noida and MD of NHB will be included. This committee will submit its report in 6 months. The committee will submit its recommendations on ways to complete the stuck housing projects across the country and to hand over the flats to the home buyers within the stipulated time.
The Ministry of Housing and Urban Development has issued a notification regarding the formation of this committee. Although the government had taken the decision to constitute the committee a year ago. But it has been announced now. The Central Advisory Committee, headed by Housing and Urban Development Minister Hardeep Singh Puri, had taken the decision a year ago to form the committee to give suggestions for early completion of the stuck housing projects. On 12 April 2022, the members of the Central Advisory Committee demanded the government to take steps to complete the housing projects launched before 2016.
However, the government has constituted Swamih SWAMIH (Special Window for Affordable and Mid-Income Housing) Investment Fund to complete the stuck housing projects due to lack of funds. This fund is sponsored by the Ministry of Finance and it is Managed by SBICAP Ventures, since its formation in 2019, more than 20,550 stalled flats have been completed and handed over to home buyers.
Property consultant Anarock had said in its report that 1.65 lakh flats worth Rs 1.18 lakh crore are stuck in Noida-Greater Noida alone. These housing projects were launched before 2014.