Tackle injustice: Act decisively to protect homebuyers stranded by insolvent real estate companies
Further, an RP should not be allowed to handle more than two projects at a time. According to data published on the website of one state Real Estate Regulatory Authority (RERA) that we reviewed, as of 22 February, only four RPs were handling 66% (186 out of 282) of all projects under litigation at the National Company Law Tribunal. They each had 90, 41, 31 and 24 projects, respectively. The question is whether one RP can effectively handle so many projects. IBBI, which regulates RPs, including their authorization, should prevent concentration.
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