ordinance to give homebuyers creditor status under IBC

By Mr. Pankaj Bajaj, President, CREDAI NCR.

New Delhi, May 24, 2018: According to Mr. Pankaj Bajaj, President, CREDAI NCR “It is a good move for the protection of the money of homebuyers. RERA protects the money of buyers in an ongoing concern. Now the buyer’s investment is protected even in the case of insolvency. This will instil a sense of confidence amongst buyers of under construction property. However, for continued flow of institutional and bank credit to the real estate sector, the system must uphold the superiority of a bank mortgage over any other claim otherwise banks may become hesitant in lending to this sector.”

Corporate Comm India(CCI Newswire)