What to do if your builder goes bankrupt? | Insolvency and bankruptcy

The central government is getting ready to provide significant compensation to homebuyers who did not receive their properties' ownership rights soon. In reality, the government is considering introducing a plan that would allow for the registration of completed residential complexes' units whose builders have declared bankruptcy.

The idea, as reported in the media, calls for the registration to approve finished real estate developments. That is, the baryas should have the authority to register projects whose developers have filed for bankruptcy. The National Company Law Tribunal, generally known as NCLT, will be able to obtain information from RERA following its implementation. Let us warn you that the bankruptcy process is quite challenging in the housing industry.