Amid rising real estate prices, concerns loom for home buyers fearing builder bankruptcy and legal woes, reminiscent of cases like Jaypee, Amrapali, and others. The insolvency of a single real estate group in Noida, Jaypee, has left nearly 20,000 home buyers awaiting the delivery of their homes. However, the Insolvency and Bankruptcy Board of India plans vital amendments to aid stuck home buyers and reassure new ones.
The package would include reschedulement and zero-period policies to waive interest and penalties imposed for financial default, among others to enable the completion of stalled projects
A nine-member committee under the chairmanship of Greater Noida Authority Additional CEO Soumya Srivastava will resolve disputes between builders or apartment owner associations and flat buyers quickly.
PropsAMC has digitized over 20 million property registration records and property titles making this information public and accessible to the end users.
A meeting of senior officials last week also discussed partial surrender of projects to recover dues and introduction of zero period of four years. The state cabinet will take a final decision after consulting the Centre.