The Uttar Pradesh government, under the leadership of Chief Minister Yogi Adityanath, has given the green light to a resolution plan aimed at providing relief to homebuyers in the National Capital Region (NCR) who have faced challenges with stalled residential projects. The resolution plan, approved by the cabinet, is based on the recommendations of a committee headed by former NITI Aayog CEO Amitabh Kant. The goal is to address the concerns of approximately 4.12 lakh distressed homebuyers in stalled projects in the NCR, with a significant number, around 2.4 lakh units, located in Noida and Greater Noida.
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) will take the lead in implementing the resolution plan, focusing on completing dormant projects. The state government will provide fresh funding through the Special Window for Affordable and Mid-Income Housing fund. The NITI Aayog committee emphasized an approach tailored to the status of each project. According to the recommendations, mandatory RERA registration and the establishment of an escrow account for all projects are crucial for transparent transactions. The priority will be given to occupied projects, and registration of flats will proceed for homebuyers who have fulfilled their obligations. The plan also emphasizes following legal procedures to recover dues from developers and compiling a list of substantially completed but unoccupied projects for timely possession. UPRERA Chief Sanjay R Bhoosreddy assured that the interests of homebuyers will be the top priority.
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