Home buyers are increasingly resorting to bailing out stuck real estate projects which the developers are unable to deliver for want of funds.
The amended Bankruptcy Law, which treats homebuyers on a par with secured financial creditors, is also facilitating this trend.
Industry experts see it as a win-win situation for both buyers and developers. According to them, for buyers, the uncertainty will end and for the developers, the much needed financial support will be made available.
“This happens in the stressed projects and in this way not only the project gets completed on time, but also the unsold inventory after completion gets sold”– Deepak Kapoor, Director, Gulshan's Group.
In Mumbai, several buyer groups are now approaching Maharashtra RERA to take over stuck residential projects that the builders have been unable to deliver.
For buyers, uncertainty over the project will end and for developers, financial support will become available. With buyers feeling the heat of this delay, many are now considering
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