Handing over stuck realty projects to someone else is not a solution: SC

Supreme Court feels this is an option to help homebuyers but it is not a straightforward solution, writes Aashish Aryan

If the Supreme Court ordered the government to take over delayed real estate projects or handed them over to a reputed builder, it might sound like good news for harassed buyers but experts say it would be fraught with legal and regulatory problems.

Over the past month, the Supreme Court, while hearing two separate appeals, has observed it could take one of these two options as a way of giving relief to homebuyers. “A new builder taking up a new or uncompleted project will face a plethora of legal challenges and obligations regarding buyers’ agreements, state regulatory frameworks and tax or