The government has no plans to take over delayed residential projects of private builders and complete them for home buyers, the Lok Sabha was informed today.
“There is no such proposal under consideration of the government to take over the delayed residential projects and complete the same for home buyers,” Union Minister Rao Inderjit Singh said during Question Hour.
He was replying to a question on behalf of Housing and Urban Affairs Minister Narendra Singh Tomar whether the government proposes to take over hundreds of residential projects of builders which have been delayed. Singh said his ministry does not maintain details of projects launched by private builders in urban areas and delay their execution.
“However, in order to bring transparency in operations in the real estate sector and to ensure timely completion of ongoing and new projects, the ministry has piloted the Real Estate (Regulation and Development) Act, 2016,” he said.