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Construction World Magazine India | Fight for RERA to secure homebuyers’ interest!
Fight for RERA to secure homebuyers’ interest!
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Fight for RERA, a pressure group working to protect the interests of homebuyers, has requested the prime minister for an amendment to the Insolvency and Bankruptcy Code 2016, to safeguard interests of homebuyers. The group argues that companies should not be allowed to hide behind the code as homebuyers suffer.
The group has reached out to the government, asking that it gives real estate regulators powers through RERA to attach all of a company’s assets as the same promoter group. Fight for RERA has also additionally proposed data collection of all incomplete projects throughout the country and track the homebuyers.
The pressure group reportedly wants a committee to be formed with the stakeholders as members; it is also of the view that banks should halt collecting EMIs from the homebuyers who have been trapped due to delayed projects. According to Fight for RERA, the needs of homebuyers take precedence before the needs of the banks, as banks were able to make money in the initial stages of the project.
Insolvency And Bankruptcy Code 2016
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