Highlights
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1
After Jaypee, more builders might be declared insolvent.
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2
The govt has assured home buyers that they will either get the money or house.
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3
Rights of home buyers under RERA are secure, say CAs.
It seems there is no respite for homebuyers despite assurances from the government that their money will not go down the drain even if the builders are declared bankrupt. There is speculation among homebuyers that several builders are looking for ways such as insolvency to escape the ambit of the Real Estate (Regulation and Development) Act 2016 (RERA), which will tighten the noose around the developer community for non-delivery or delay in projects. Over 32,000 homebuyers, who invested in Jaypee Infratech, are left in the lurch as neither h…
Read the full article at: http://indiatoday.intoday.in/story/jaypee-infratech-bankrupt-rera-homebuyers-noida-arun-jaitley/1/1030217.html