Lok Sabha Question No. 1990 (UNSTARRED), answered on 2023-12-14
Subject: Real Estate Projects
Ministry: HOUSING AND URBAN AFFAIRS
Asked by: Pratima Mondal, Sougata Ray

## MINISTRY OF HOUSING AND URBAN AFFAIRS

## GOVERNMENT OF INDIA LOK SABHA

## UNSTARRED QUESTION NO.1990

TO BE ANSWERED ON DECEMBER 14, 2023

## REAL ESTATE PROJECTS

NO. 1990.      SHRIMATI PRATIMA MONDAL: PROF. SOUGATA RAY:

Will  the  Minister  of  HOUSING  AND  URBAN  AFFAIRS  be  pleased  to state:

- (a) whether the Government has noticed that a huge amount of above rupees Four Lakh crores is impacted/stucked in the stalled projects of Reality Sector of the country;
- (b) if so, the details thereof;
- (c) the steps being taken by the Government to tackle the problem of incomplete real estate projects in the country;
- (d) whether the Committee under former NITI Aayog CEO has submitted the report in this regard; and
- (e)if so, the details of the report and the action taken thereon?

## ANSWER THE MINISTER OF STATE IN THE MINISTRY OF HOUSING AND URBAN AFFAIRS (SHRI KAUSHAL KISHORE)

( a) to (e):   'Land and Colonization' is a State subject. The data sought is not maintained centrally by Ministry of Housing and Urban Affairs.

However, in  order  to  protect  the  interest  of  homebuyers  and  to  ensure transparency  and  accountability  in  the  Real  Estate  Sector,  Parliament has  enacted  the  Real  Estate  (Regulation  and  Development)  Act,  2016 [RERA].  Under  the  provisions  of  RERA,  the  real  estate  projects  are required to be registered with the Real Estate Regulatory Authority of the State / Union Territory (UT) concerned. Further, on lapse or revocation of the  registration  under  RERA,  the  Regulatory  Authority  in  consultation with  the  appropriate  Government  is  empowered  to  take  action  for carrying out the remaining development works of the project by competent  authority  or  by  the  association  of  allottees  or  in  any  other manner, as may be determined by the Authority.

Further, to give relief to homebuyers of stalled projects, Government has established a Special Window for Completion of Affordable and MidIncome  Housing  (SWAMIH  investment  fund)  for  funding  stalled  projects that  are  net-worth  positive  and  registered  under  RERA,  including  those projects that have been declared as Non-Performing Assets (NPAs) or are pending  proceedings  before  the  National  Company  Law  Tribunal  under the Insolvency and Bankruptcy Code. As on 16th November 2023, under SWAMIH,  342  proposals  aggregating  to  ₹37,554  Crores  have  been approved  and  this  will  benefit  around  2,18,699  homebuyers  and  unlock projects worth ₹94,367 Crore.

Moreover,  the  Government  of  India  had  constituted  a  Committee  under the  Chairmanship  of  Shri  Amitabh  Kant,  G20  Sherpa,  to  examine  the issues  related  to  legacy  stalled  real  estate  projects.  The  Committee submitted its  report  in  July  2023  in  which  it  has  recommended  various measures to complete these stalled projects and handover the same to the  homebuyers.  The  Committee  observed  that  the  primary  reason  for stress in real estate projects is lack of financial viability. Accordingly, the Committee recommended a slew of measures aimed towards improving the financial viability of stalled real estate projects, so as to enable their completion.

The  report  of  the  Committee  has  been  sent  to  the  States  and  all  the concerned  stakeholders  and  the  same  has  also  been  uploaded  on Ministry's website .

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