By Manisha Natarajan Sept 5, 2019 9:22:40 PM IST (Published)
As of June 2019, the insolvency process has been initiated against 421 real estate companies - the maximum from any sector. Around 45 percent of all cases in consumer courts are against builders, maximum again from any one sector.
The distress amongst home buyers is so high and it has prompted the union finance minister Nirmala Sitharaman to hint that the government is considering policy solutions to address the grievances of homebuyers.
In fact, this week, the homebuyers were hopeful of hearing something solid, but so far nothing has come from North Block. Now, there are even bigger problems which now need a resolution, like kick-starting financing for real estate builders to avoid fresh insolvencies and swelling up of stuck home buyers.
CNBC-TV18 spoke with Pankaj Bajaj managing director of Eldeco; Samir Jasuja, founder and chief executive officer of PropEquity; Alok Dhir, managing partner at Dhir & Dhir Associates and Abhay Upadhyay, president of Forum for People's Collective Effort (FPCE), to understand what should the government be doing to resolve the real estate crisis.