The valuation of Indian real estate sector has witnessed a surge like none other. To wishful buyers, the sector still reeks of repulsive practices. Application of legal conventions such as RERA (Real Estate Regulation Act) and subsequently Insolvency and Bankruptcy code to tackle defaulting realtors have been some assurances from lawmakers.
In the words of Ravi Mittal, Chief of IBBI (Insolvency and Bankruptcy Board of India), IBC may have played a key role in revival of real estate in the country. Of the 1400 real-estate companies admitted for resolution 46% were rescued and 18% were liquidated. Resolution of realtors such as Jaypee Infratech has provided relief for over 10,000 buyers. There is a sliver of hope, but the ground-reality…
