Indian real estate sector expects wave of reforms after SC judgment

2-judge Bench issued a wide-ranging set of 12 binding directions, including framing of specific guidelines for insolvency proceedings in real estate

Developers and legal experts believe that the Supreme Court’s Friday ruling, in which it ordered a host of reforms in the real estate sector, while describing housing a fundamental right and terming speculative buyers as a “slow poison”, will usher in a new era in the sector and instil confidence among the genuine buyers.

 

The apex court, while hearing a batch of petitions arising out of a National Company Law Appellate Tribunal (NCLAT) decision on a housing project in Greater Noida, has termed housing as a fundamental right under Article 21 of the Constitution.

 

Noting that housing is neither a