The Forum for People’s Collective Efforts (FPCE) has felt that it is not proper to give three years time to builders to complete their stranded projects. The FPCE president, Mr Abhay Upadhyay, has written to Union Minister for Housing and Urban Affairs Hardeep Singh Puri. He expressed his objections to the recommendations of the committee headed by Niti Ayog CEO, Mr Amitabh Kant, on restoring the stranded projects. The 14- member committee submitted its report to the Union Minister on Aug 21. Across the nation, at least 4 lakh real estate projects have come to a grinding halt. The committee recommended measures like amending the Insolvency Act, extending interest subsidy to builders and so on.
In this backdrop, Mr Abhay Upadhyay written to the Union Minister expressing his concern over the measures suggested by the committee and felt that it is not roper to give three-year time to revive the suspended real estate projects. The three-year grace period should be given to only a chosen few projects. Otherwise, the builders would misuse the time and would not complete the projects even if they are capable of completing them with in the three-year period. The grace period should be decided after taking all aspects into consideration and categorizing the projects. In respect of the projects that remained stranded for over two years, the builders should be prohibited from launching new projects.
