From The Economic Times · PTI · · 1m 40s
IBC Helps 1.4 Lakh Homebuyers Get Homes
India's IBC resolves stalled projects, helping 1.4 lakh homebuyers secure homes.
In brief
India's IBC resolves stalled projects, helping 1.4 lakh homebuyers secure homes. India's insolvency framework has enabled over 1.4 lakh homebuyers to receive homes from stalled projects through developer-led IBC resolutions. Originally reported by The Economic Times.
IBC aids homebuyers
India's insolvency regime has helped more than 1.4 lakh homebuyers move closer to or receive possession of homes stuck in stalled real estate projects.
Developers revive projects
Large developers including Adani Realty and Lodha have acquired distressed projects through insolvency proceedings, bringing fresh capital and execution capabilities.
Scale of challenge
Nearly 2.5 lakh homebuyers are associated with 553 real estate insolvency cases under IBC, with 17 per cent resolved and 1.1 lakh awaiting resolution.
Investment figures
Projects resolved represent investments of about Rs 84,000 crore, while another Rs 65,000 crore remains tied up in unresolved developments.
IBC reforms proposed
The Insolvency and Bankruptcy Board of India proposed reforms to real estate insolvency proceedings with project completion as the central objective.
Speed challenges
Prolonged litigation and multiple appeals often delay project completion, affecting viability for developers.
Take Ten BKC example
Adani Realty acquired Take Ten BKC, committing over Rs 1,000 crore to complete 903 homes for 176 MHADA families and hundreds of homebuyers.
Bharat Nagar project
Adani Realty took over Bharat Nagar Slum Rehabilitation Project, resuming construction for nearly 1,000 families after HDIL collapse.
Hills-77 project
Hills-77 project in Gurugram revived, enabling 724 homebuyers to receive possession of homes.
Centre Court project
Centre Court project acquired through resolution process, securing occupancy certificate for over 300 homebuyers after Ashiana Landcraft Realty default.
What matters most
India's insolvency framework has enabled over 1.4 lakh homebuyers to receive homes from stalled projects through developer-led IBC resolutions.
