in the much-delayed housing projects in Noida or find a suitable business model for the sale of these apartments to complete the projects.
To begin with, the panel, headed by Union housing secretary D S Mishra, will take up the stalled projects of four beleaguered real estate players - Unitech, Amrapali, Jaypee Group and The 3C Company - in the Delhi suburb, where thousands of homebuyers are awaiting possession. Some of the projects of Amrapali Group as well as Jaypee Infratech are also facing insolvency action.
The committee has also instructed NBCC to find options for optimum use of the vacant land parcels in these projects to expedite their completion. The government-owned Navaratna PSU has been asked to conduct a joint survey of sites along with the authorities concerned and report the findings.
In many of the projects, builders have virtually stopped construction for as long as three-four years and blamed the government's policies for delays, a stand that has been rejected by home-buyers as well as the government. In addition, depressed market conditions have reduced the demand for flats and bank funding has also choked. With the projects running years behind schedule, buyers who had opted for construction-linked payment schedule have stopped payments, accentuating the cash flow problem for the realtors.
The UP government last month set up the panel to "solve the problems of nearly three lakh buyers and impacted parties", which has representatives from the state government, all development authorities of Noida and Greater Noida, NBCC and the lenders of respective projects. Representatives from departments of financial services, corporate affairs and home buyers have been co-opted in the committee to find a holistic solution to the crisis.
The proposal to ask NBCC to take the lead came from Noida Authority CEO Alok Tandon during the first meeting of the committee held late last month. Sources told TOI that once a model for reviving these projects is found successful, a similar high-powered committee may be set up in states such as Haryana which has a sizeable number of stuck projects. While the buyers have taken the matter to different courts including the Supreme Court and country's apex consumer commission, the builders have been citing liquidity problem for the present crisis. Sources said each project has to be assessed before taking them up for completion.