NEW DELHI: The government is exploring ways of resolving a long-brewing real estate crisis that’s left home buyers in the lurch as developers have struggled to complete projects. With many of these delayed for up to five years and more, one of the proposals under consideration is raising money to finish stalled buildings by selling off the other assets of developers.
For instance, the National Company Law Tribunal (NCLT) recently admitted a plea by bankers to start insolvency proceedings against Jaypee Infratech for defaulting on debt. Thousands of buyers who’ve paid for Jaypee homes, many through loans, are unsure about what will become of their investments. More debt-laden realty companies could be pushed into bankruptcy, putting …
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