LUCKNOW: The Yogi Adityanath government is set to proceed with a resolution plan to bring about relief to those homebuyers of the National Capital Region (NCR) whose residential projects have been stalled indefinitely after spending their life savings.
The Yogi cabinet, on Tuesday, approved the resolution plan chalked out based on the recommendations of a committee headed by former NITI Aayog CEO Amitabh Kant to unlock 4.12 lakh stressed units within stalled projects in NCR, of which 2.4 lakh units are estimated to be in Noida and Greater.
The plan has been finalised after several rounds of deliberations. UPRERA (Uttar Pradesh Real Estate Regulatory Authority), which will lead the plan, has been tasked with ensuring the completion of dormant projects along with a fresh round of funding from the state government and through Special Window for Affordable and Mid-Income Housing (SWAMIH) fund.
Having studied various complexities cropping up in the resolution plan, the 14-member committee of the NITI Ayog had urged the state government to have a different approach for projects according to their status.
As per the recommendations, RERA registration for all the projects, along with an escrow account, would be mandatory to record future transactions transparently.
However, the prerequisites and penalties have been waived. Projects which are occupied would be accorded priority and registration of flats would have to be initiated in favour of homebuyers who have fulfilled their obligations.
The report states that the registry of flats to buyers shall be treated separately and shall not be held back for the want of recovery from developers and promoters. The authorities have also been asked to rigorously follow the legal procedure to recover dues from developers as per the Revenue Recovery Act. In the changed scenario, at least one lakh homebuyers, waiting for the registry of flats, will be benefitted.
Similarly, RERA has been directed to compile a list of substantially completed but unoccupied projects within the next 30 days where possession can be offered after clearing administrative hurdles and issuing completion certificates.
UPRERA chairman Sanjay R Bhoosreddy said that while executing the plan, the interest of homebuyers would be kept paramount and the authorities concerned would adhere to the timeline. The committee has also recommended the UP government announce a rehabilitation package for the stalled projects which have become financially unviable over the years. Even more, RERA has been tasked with the completion of such projects within three years.
RERA will have the authority to allow the inclusion of a co-developer as a partner to revive stressed projects without seeking permission from the land authority.