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Experts say that the zero period waiver on interest and penalties imposed on developers for financial defaults is also a positive development for various stakeholders in the NCR real estate sector.
Amid rising real estate prices, concerns loom for home buyers fearing builder bankruptcy and legal woes, reminiscent of cases like Jaypee, Amrapali, and others. The insolvency of a single real estate group in Noida, Jaypee, has left nearly 20,000 home buyers awaiting the delivery of their homes. However, the Insolvency and Bankruptcy Board of India plans vital amendments to aid stuck home buyers and reassure new ones.
A co-developer policy, the key component of the proposed rehabilitation package for stalled real estate projects in Noida, is likely to be announced soon. The policy aims to inject funds and allow new companies to take over and complete stalled yet economically viable projects. It is expected to benefit homebuyers, the authority, and the government.
The package would include reschedulement and zero-period policies to waive interest and penalties imposed for financial default, among others to enable the completion of stalled projects
Maharashtra real estate: In 2023, there are more than 7,700 real-estate projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) have lapsed, owing to delays, according to data provided by the authority. This means real-estate developers cannot advertise, market or sell apartments in these 7,700 projects.