The committee and the head, Amitabh Kant, looked into this issue and found that the main reason for the real estate stress came from the judicial interventions and the reduced rate of financial viability. That is why the committee suggested de-linking registration projects from the recovery of dues from the builders of the property.
According to the committee, this process will prove itself as an immense help to the lower and middle classes to get a home since they are willing to pay a substantial amount for those properties. This will also help the country to increase economic growth and activity.
In March the Ministry of Housing and Urban Affairs (MoHUA) created a 14-member committee to solve the issues of the housing properties. They made a seven-point recommendation list that includes mandatory registration of housing projects under the RERA (Real Estate Regulatory Authority).
The panel presented that report in front of Hardeep Singh Puri, the Urban Affairs Minister. The committee needed five meetings to look into the inputs from regulators, state authorities, the developers of real estate, and house buyers.
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