UP approves Amitabh Kant Committee recommendations for delayed projects. Top 5 things buyers should know

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Amitabh Kant committee. This move aims to bring relief to countless homebuyers who have been awaiting possession of their homes, some for over a decade. Below are five key points for homebuyers.

— The policy specifically caters to stalled housing projects, aiming to assist homebuyers who are unable to gain possession or register their properties due to developers' financial defaults. — Notably, the scheme excludes stalled commercial projects, group housing schemes under development, Sports City in Noida and Greater Noida, as well as institutional and industrial projects. — Manoj Kumar Singh, UP's additional chief secretary and chairman of Noida and Greater Noida authorities, clarified that the policy targets facilitating registry or possession in stalled housing projects, with Sports City concerns addressed separately.

— The committee's suggestion to waive penal interest for the period between April 2020 and March 2023 due to pandemic effects has been accepted. — However, this waiver won't apply to commercial, entertainment, or recreational projects, including Sports City, as stated by UP's finance minister Suresh Kumar Khanna. — Singh highlighted the need for realtors to transfer these benefits to homebuyers and emphasized collaboration among stakeholders for effective scheme implementation.

— Developers are mandated to clear financial dues within 60 days for project registration. — The government has directed relevant authorities to ensure timely payments, engage independent auditors for financial assessments, and expedite flat registrations within three months. — Lokesh M, CEO of the Noida Authority, affirmed their readiness to comply with the government directive.