KPMG, in the short term, has recommended no interest repayment for 3-6 months for developers which can be extended to 9-12 months, no EMI repayments for six months for the home buyers and lending rate for realty projects to be fixed at a lower repo rate.
New launches planned in April-May 2020 will be pushed back till at least September 2020 to coincide with the festive season. The prospect of falling sales in ongoing projects and deferment of upcoming launches threatens to become a major dampner in coming months.
Of this, Mumbai Metropolitan Region & National Capital Region together comprise 57% or approximately 8.90 lakh units. NCR has 27% or over 4.25 lakh units in various stages of construction. All these units were launched between 2013 till 2019-end.
"The writ petition has been filed by 11 petitioners of 11 projects being constructed by Pioneer Urban Land & Infrastructure, Emaar MGF Land, BPTP, Supertech, Ansals, among others," said advocate Aditya Parolia of PSP Legal, representing the buyers.
The case was filed by 29 home buyers of Mahagun Mezzaria situated in Sector 78, Noida. Most of the buyers had booked apartment in 2013 and the project was to be completed within a period of 38 months from the date of completion of raft.
The home buyer had booked an apartment in 2012 in the company's Palm Gardens project in Gurugram, the possession which was to be given in 36 months with a three-month grace period. Buyer claims that possession has not been offered till date.
Regulation No. 12 (2) of IBBI (CIRP) Regulations, 2016, provides a time limit of 90 days from the CIRP Commencement date to submit the claims.
As per Section 12 of the Insolvency and the Bankruptcy Code, the Corporate Insolvency Resolution Process (CIRP) must be completed within a period of 180 days.
The order relates to a case filed by the home buyer of Supertech's Up County project situated in Sector 17-A, Yamuna Expressway.
NCLAT ordered the IRP to not issue any public announcement or constitute the committee of creditors until further order. Now, NCLAT will hear the case on April 4, 2019.
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