Regulatory policy

Haryana Policy: Government of Haryana to come up with Stressed Asset Resolution Policy

Haryana Chief Minister Manohar Lal Khattar has said that RERA, Panchkula will soon come up with a Stressed Asset Resolution Policy under the RERA Act and the Urban Areas Act 1975.

A dedicated cell comprising legal professionals and real estate consultants supported by the Insolvency Resolution Agency / professionals should be created within the Directorate to monitor all existing NCLT cases in all NCLT benches and follow the procedures day by day.

The Chief Minister also announced that the Samadhan Se Vikas policy which was formulated to provide relief to the settlers in payment of EDC is extended for 6 months to encourage all defaulting settlers to opt for the policy.

The Chief Minister made the announcement while addressing the gathering during the farewell session of the Urban Development Conclave held in Gurugram on Saturday.

“These regulations serve to regulate the requirements for structural stability during construction, when granting the certificate of occupancy and the post-occupancy certificate. These regulations will help establish a transparent and reliable mechanism to ensure the structural stability of multi-storey buildings,” he said.

The Chief Minister said that the TDR policy dated November 16, 2021 is not yet operationalized. However, the TCP department has now prepared an online application for receiving, reviewing and processing TDR requests.

In the first phase, TDR applications are expected to be received for the 24 meter routes from Sector 58 to 67 Gurugram. A sector road will be used on a pilot basis. The application will be extended to the whole Gurugram shortly.

“The state government has decided to allocate Rs 1,000 crore in the upcoming budget to complement the urban infrastructure investment needs of the state,” Khattar said.

The Chief Minister also announced that a committee including representatives from CREDAI/NAREDCO will be formed to finalize charging standards and power infrastructure requirements and provide recommendations within three months.

The Chief Minister said that there was often a lot of confusion in the whole process involving the handing over of settlements to the RWA. Therefore, RERA, Panchkula should come up with a policy of handing over projects on completion, within 30 days.

The CM also congratulated Basant Bansal, Founder, M3M for the Best Project Award for M3M Golfestate.

The Chief Minister also awarded Signature Global Group for Development of Real Estate Projects in Affordable Housing and another in DDJAY category during Urban Development Conclave organized by Haryana Urban and Rural Planning Regulatory Authority and Haryana Real Estate in association with CREDAI and NAREDCO.