SC verdict seen as turning point for real estate credibility

The National Capital Region (NCR) has seen a cleanup and only those developers who have delivered in the past are being able to sell, Manoj Gaur, president of industry body Confederation of Real Estate Developers’ Association of India (Credai) NCR, said, in the light of the Supreme Court ruling on Friday that sent out a strong, cautionary message to protect the middle-class homebuyer.

- Madhurima Nandy

The Supreme Court also stressed that speculative buying and selling of homes must be stopped, and to plug the fundamental gaps in India’s housing sector.

SC said the government and various agencies like Real Estate (Regulation and Development Act) 2016 (Rera) need to playa more proactive role in making the sector transparent and viable.

According to Gaur who is also the chairman of real estate firm Gaurs Group, “Developers who have not delivered, struggle to sell even if they try to sell at heavily discounted rates.”