Niti Ayog to frame policy for revival of stalled realty projects

New Delhi: In what could bring cheers to thousands of home buyers in the country, the Niti Ayog has sought the list of stalled housing projects which can be revived.

The Niti Ayog is seeking list of projects which can be easily revived depending on bank funding.

As per sources, the urban development ministry along with the Niti Ayog is coming out with a framework on revival of such projects. These include several stalled projects in Delhi-NCR and other realty projects in the country.

Sources said that 11 projects including Sikka developers, CHD developers, S&S Group, Eskay Homes have been sent for the revival plan.

Of the 11 housing projects, Sikka group has the 4 (maximum number) stalled projects. Sources said that most cases of stalled projects have been reported from Delhi-NCR.  The developers body will send lists of few more projects in the coming days, sources said.

The urban development ministry along with the Niti Ayog will consult with banks over infusion of funds and then decide on the duration for completion of these projects.

The policy framework will also decide on whether the existing private developers should be allowed to carry on with the pending work after banks' fund infusion. A monitoring authority will decide on this.

However, cases of housing projects being heard in the courts will not be included in the list.