The Union Housing and Urban Affairs Ministry has created a committee to tackle the problem of incomplete real estate projects. The committee, consisting of 14 members and chaired by Amitabh Kant, will focus on stalled legacy projects and make recommendations on how to complete them. The committee was formed in response to a recommendation made by the Central Advisory Council under the Real Estate (Regulation and Development) Act, 2016.
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The committee will be responsible for finding ways to complete and hand over legacy stalled projects to homebuyers in a timely manner. The members of the committee include officials from the Uttar Pradesh and Haryana state governments, the NOIDA CEO, the Corporate Affairs secretary, and the chairperson of the Insolvency and Bankruptcy Board of India. The committee has been given a deadline of six months to submit its report, and may co-opt additional members as needed.
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