Realtors line up to buy bankrupt developers as land prices rise
Mumbai: Several small and mid-sized real-estate developers are increasingly looking to the bankruptcy courts to acquire distressed property companies, seeking an alternative to buying increasingly expensive land in major cities.
Developers that once competed for land parcels or redevelopment mandates are now bidding for companies, which come with projects, development rights, and, in some cases, valuable urban assets, under the Insolvency regime. In the past quarter alone, the National Company Law Tribunal (NCLT) benches across the country have approved more than a dozen such real-estate acquisitions.
Cos under insolvency come with projects, development rights and valuable urban assets, but buyers have to contend with approval issues
