FCC

Central advisory council: real estate stalled project issue

2023-05-12

The Central Advisory Council expressed hope on Tuesday that the Amitabh Kant-led committee will soon resolve the issue of stalled legacy real estate projects, resulting in the handover of housing units to home buyers.

The committee, which was formed on March 31, must submit its findings within six months of its first meeting.

The panel was formed to investigate all issues linked to legacy halted projects and make recommendations on how to execute them in a timely manner.

Union Housing and Urban Affairs Minister Hardeep Singh Puri raised the issue of delays in executing directives of real estate regulatory authorities in several states during a virtual meeting of the Central Advisory Council (CAC).

"I'm sorry to say that, while RERA (regulatory authorities) can make decisions, final implementation falls to district magistrates (DMs) or deputy collectors." The truth is that the DMs investigate these concerns in addition to other tasks allocated to them, but the good news is that we are pushing them..." he remarked.