The enactment of the Insolvency and Bankruptcy Code in 2016, (IBC) along with RERA ushered in a new era of regulation for the Indian real estate sector. Both these reforms strengthened the hand of homebuyers, giving them alternate forums to get justice. Homebuyers can now file claims before the consumer courts under RERA, and before the National Company Law Tribunal (NCLT) by invoking IBC.
The NBFC catastrophe in the second half of 2018 leading to a severe liquidity crisis for the developers added to their woes. The non-availability of the refinance window caused many under-construction real estate projects to be stalled.
The IBC thus has been a matured step towards setting up a legal framework to adjudicate matters of financial failure and insolvency. The code attempts to end the regime of debtors who continue to be in possession of the asset and provide control to the creditor.
While the impact of liquidity issues was felt across all asset classes, the residential real estate was the most impacted. By the end of 2019, nearly 5.76 lakh units (launched in 2013 or before) valued at over ₹4.64 lakh Crores were among the delayed and stalled projects across the seven major cities in the country, according to ANAROCK Research.
SWAMIH Fund has already sanctioned Rs 12,079 Cr for over 81,000 units across 123 projects in the country
By 2019 end, nearly 5.76 lakh units (launched in 2013 or before) valued at over Rs 4.64 lakh Cr were delayed/stalled in 7 major cities
In Jul-Sept. 2018, of 209 real estate CIRPs, just 33% were closed; by Jul-Sept. 2020, 50% of 793 cases are closed
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