The Uttar Pradesh cabinet on Tuesday approved the implementation of recommendations from the Amitabh Kant Committee report on real estate projects, in a move that could bring relief to lakhs of homebuyers in the state.
The approved recommendations include providing immediate registry and sub-lease deed rights to homebuyers and benefits of 'zero period' to developers in terms of penalties for delay during COVID-19 from April 1, 2020 to March 31, 2022.
The approval came after a proposal of the Industrial Development Department for the resolution of legacy stalled housing projects, UP cabinet minister Suresh Kumar Khanna said during a press briefing in Lucknow.
"The cabinet has approved the implementation of the recommendations of a central committee headed by Ex CEO of Niti Ayog Amitabh Kant," said Khanna, the state's Minister for Finance and Parliamentary Affairs.
"For this, two main points were considered that buyers interest was taken into account. Those who have bought homes should get its possession and registry immediately," he said.