The minister said the government also accepted the Kant committee recommendation for waiver of interest payments on account of Covid during the zero period (April 2020- March 2023).

New Delhi: What can bring a major relief to the home buyers in Uttar Pradesh, the UP cabinet on Tuesday decided to accept the recommendations of a committee headed by Niti Aayog’s former chief executive officer Amitabh Kant. State Finance Minister Suresh Kumar Khanna while making the announcement said that the state government has acted to save the interests of the home buyers.

He also informed that the government has decided that those who have bought homes should get its possession and registry immediately. The minister said the government also accepted the Kant committee recommendation for waiver of interest payments on account of Covid during the zero period (April 2020- March 2023).

This relaxation will not apply to commercial, sports, entertainments projects, he said.

“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. Along with this, the Cabinet has approved implementation for ‘zero period’ relief to homebuyers as mentioned in the recommendations of the report, he said.

However, these approvals do not apply to commercial, sports or entertainment projects but to all others, the minister added. Citing an estimate by the Indian Banks Association, there are about 4.12 lakh homes across the country which could not be completed due to the poor financial status of the developers.

“Of these stalled homes, around 2.40 lakh are in the national capital region, including Noida and Greater Noida,” Khanna said. Some industry estimates have pegged the number of stalled homes in Noida and Greater Noida to around 1.50 lakh, with citizens’ groups and homebuyers’ associations in the twin cities frequently holding protests demanding implementation of the recommendations of the Amitabh Kant Committee report.