A long queue of Noida-based estate agents in bankruptcy court – what does this mean for home buyers?

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People who bought houses/apartments in Noida and Greater Noida are protesting against builders and housing groups in New Delhi.

Synopsis

As of today, up to 108 real estate projects based in the Noida region are at various stages of insolvency proceedings. The lengthy insolvency process has not helped buyers secure a fair deal. Despite the fact that they now have equivalent rights to a bank or financial institution, the power imbalance between them hampers the finality.

Sanjay Singh, 50, has paid nearly INR 1 crore over the past eight years for a house he booked in 2014 at Jaypee Krescent Homes in Noida, but he is still awaiting delivery of his apartment. “It was not an investment. I bought myself a house that I was promised would be delivered no later than 2016,” he says, adding, “Many of my fellow buyers are retired civil servants. Many of them have used their retirement funds to buy homes. A part of

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