Lakhs of homebuyers to benefit in UP! ‘Immediate possession’ – Cabinet approves Amitabh Kant Committee suggestions

Lucknow/Noida: In a move that could bring relief to lakhs of homebuyers in the state, the Yogi Adityanath-led Uttar Pradesh Cabinet on Tuesday approved the recommendations from the Amitabh Kant Committee report on real estate projects.

Addressing a press conference, UP minister Suresh Kumar Khanna confirmed that the state Cabinet has approved the implementation of the recommendations of a central committee headed by Ex CEO of Niti Aayog Amitabh Kant.

The state minister further informed that the Cabinet gave the green signal after a proposal of the Industrial Development Department for the resolution of legacy stalled housing projects.

‘Homebuyers should get their possession immediately’

Khanna said the Cabinet took the decision after considering the interest of the homebuyers. The minister said that buyers should get their possession and the registry should be done immediately.

“For this, two main points were considered that buyers interest was taken into account. Those who have bought homes should get its possession and registry immediately,” he said.

Acting on the recommendations of the Kant report, the Uttar Pradesh Cabinet gave its nod for the implementation for ‘zero period’ relief to homebuyers, the minister informed.

It may be noted that the recommendations do not apply to commercial, sports or entertainment projects.

Status of unfinished h0mes

Khanna cited a report by the Indian Banks Association stating that there are about 4.12 lakh homes across the country which could not be completed due to the poor financial status of the builders. Notably, of the total unfinished projects, 2.40 lakh are in the National Capital Region.

“Of these stalled homes, around 2.40 lakh are in the national capital region, including Noida and Greater Noida,” Khanna said.

Several citizens’ groups and homebuyers’ associations in Noida and Greater Noida are frequently seen holding protests demanding implementation of the recommendations of the Amitabh Kant Committee report.