Realty revival: IBC, Rera may need tweaking for booster shot to take effect

In September, Finance Minister Nirmala Sitharaman had announced the Special Window fund but projects in the NCLT or those dubbed NPAs had been kept out of its ambit

Last week the government administered a Rs 25,000-crore booster shot to rescue the real estate sector by approving a “Special Window” fund or an alternative investment fund (AIF) to revive around 1,600 stalled housing projects in the affordable and the middle-income categories. The move is expected to put the real estate sector and in turn, major industries linked to it, on the path to recovery. But for the measures to take effect, clarifications or changes in the Insolvency and Bankruptcy Code (IBC) and the Real Estate (Regulation and Development) Act, 2016, (Rera) may be required.
 
In September, Finance Minister