Developers brace for another storm as SC gives relief to homebuyers

According to industry sources, the verdict will make things difficult for a host of developers

Facing a slowdown, liquidity crisis, low demand and an all-time low sentiment, the realty sector received another jolt on Friday, when the Supreme Court upheld homebuyers’ status in the Insolvency and Bankruptcy Code (IBC) as financial creditors.

According to industry sources, the verdict — for petitions by as many as 181 builders, including Ireo, the Trump organisation’s partner in India, as well as Parsvnath Developers, Ansal Housing, and Supertech — will make things difficult for a host of developers.

“We believe that within the next three months, a host of major players in the National Capital Region (NCR) will be dragged to