Insolvent Builder, Dejected Buyer

The Indian homebuyer, especially in the National Capital Region, does not have a home. They spend time either in courts or government forums in an attempt to claim the home they wished and paid for. However, the builder is bankrupt, and neither the courts nor the government knows how to proceed 

Illustration: Anand Sinha

The Indian real estate sector is in a mess. Homebuyers are forever waiting for builders to deliver their homes, but builders seem to express their helplessness in completing long-pending projects and take the insolvency route. Ever since the Parliament made the insolvency law, beleaguered real estate companies have been dragged into the bankruptcy litigation, and some of them have even used it to find an exit from projects they cannot or do not want to handle anymore.