The declaration of Jaypee Infratech as insolvent under the new Insolvency And Bankruptcy Code, 2016 is just the tip of a massive real estate ice berg which has the potential to sink hundreds of thousands of families. Other developers will follow the same exit route soon given the impunity with which they have been siphoning off the money of homebuyers. The Unitech directors are already in jail and a bankruptcy petition has also been filed against Amrapali by two banks.
Matters have been allowed to reach this low point by successive venal governments in UP and Haryana which have been happily approving projects without any questions. The scale of the problem can be gauged from the fact that in Greater Noida alone there are 203 pro…
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