UP nod to Amitabh Kant panel recommendations, says will provide relief to homebuyers - Hindustan Times
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UP nod to Amitabh Kant panel recommendations, says will provide relief to homebuyers

Dec 19, 2023 04:42 PM IST

UP finance minister Suresh Kumar Khanna said the Cabinet approved implementation of ‘zero period’ relief to homebuyers recommended by the Amitabh Kant panel

LUCKNOW: The Uttar Pradesh cabinet on Tuesday has decided to accept the recommendations of a committee headed by Niti Aayog’s former chief executive officer Amitabh Kant that would help lakhs of home buyers in the state, the state finance minister Suresh Kumar Khanna said.

UP finance minister Suresh Kumar Khanna made the announcement after the cabinet meeting
UP finance minister Suresh Kumar Khanna made the announcement after the cabinet meeting

Khanna said the government acted to protect the interest of home buyers and decided that those who have bought homes should get its possession and registry immediately. The minister said the government also accepted the Kant committee recommendation for waiver of interest payments on account of Covid during the zero period (April 2020- March 2023). This relaxation will not apply to commercial, sports, entertainments projects, he said.

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The Amitabh Kant committee was set up by the Union ministry of housing and urban affiars to examine issues relating to stalled legacy projects. The Kant committee submitted its report in July 2023, recommending a slew of measures to bolster financially distressed and incomplete projects.

Indian Banks’ Association (IBA) has estimated that 4.12 lakh stressed dwelling units involving 4.08 lakh crores are impacted in these stalled real estate

The minister cited the Indian Banks’ Association estimate that there were 4.12 lakh stressed dwelling units that have not been completed due to the poor financial condition of developers. Of this figure, 2.40 lakh houses are in National Capital Region alone.

The minister added that implementing the committee’s recommendations will protect interest of homebuyers and enable the builders to complete the housing projects on schedule and give momentum to economic activities in the state.

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