A pan-India home buyers’ pressure group, Fight For RERA, has reached out to Prime Minister Narendra Modi to seek an amendment to the Insolvency & Bankruptcy Code 2016 to prioritise homebuyers‘ interest in insolvency proceedings.
The pressure group has appealed to the government to provide powers to realty regulators through the Real Estate (Regulation and Development) Act, 2016, to attach assets of all the companies under the same promoter group, including their personal wealth, to arrange funds for completion of unfinished projects. It has also suggested initiating an exercise to collect data of all incomplete projects across India and track the number of homebuyers who are stuck in such projects.
In a letter written to the Prime …
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