Home buyers seeking to take over debt-laden property developers
Staff cooperatives have already registered their presence in the list of potential acquirers of Indian companies put into administration. In a first, homebuyers are now seeking to take over property developers sunk in debt, claiming they have the biggest at stake in projects where the bulk of their savings are stuck.
An association of apartment buyers has submitted a resolution plan to revive a Delhi-based builder, Kindle Developers, which failed to deliver homes in Noida after accepting payments from flat buyers. The move comes after Parliament passed in August an amendment to the bankruptcy bill, allowing homebuyers to be treated on a par with secured financial creditors.