The Supreme Court again highlighted the problems of many homebuyers. Millions are stuck with unfinished housing projects. Justices J B Pardiwala and R Mahadevan urged the government. They want a special fund for troubled projects. This fund would offer loans. It would help finish buildings. Buyers’ savings would be safe.
The court said buyers cannot be helpless. Many pay rent and loan payments. They wait for their homes. Buyers invest their life savings. They often face a double cost. Their dream home becomes an unfinished building.
Key Court Points:
Revival Fund Idea: The court suggested a new company. It could be like NARCL. Or they could add to the SWAMIH Fund. This would help finish stalled projects.
Loans for Troubled Projects: Money from the fund would finish good projects. This would happen under the IBC rules. It stops projects from closing. It protects buyers.
Using Unsold Homes: Empty flats could be used for other housing. They might go to affordable housing plans. They could also be for government housing.
Making RERA Stronger:
RERA groups could become weak. This happens if they lack power. They need staff and money. They need a way to enforce rules.
Tribunal Changes:
Tribunals have many open spots. These need to be filled fast. Retired judges could help. Special IBC groups could speed up cases.
Escrow Accounts and Steps:
New projects need escrow accounts. Buyer money goes there. Money is released as building progresses. This ensures developers are accountable.
Audits and Openness:
The CAG will check funds like SWAMIH. This ensures money is used for finishing projects.
Housing is a Basic Right:
The court said housing is not just a deal. It is part of the right to life. This is in Article 21 of the constitution.
What This Means for Buyers:
Better Safety: A revival fund could save many families. They are stuck with unfinished homes.
Less Worry: Loans can restart building. Buyers will know when they get their homes.
Stronger RERA: Buyers might get help faster. Complaints against builders could be addressed.
More Affordable Homes: Unsold homes could become affordable housing. More people could get homes.
The Bigger Issue:
India’s building sector has many stalled projects. This has lasted over ten years. Millions of families are affected. Some funds offer limited help. But delays and weak enforcement still leave people stuck.
The Supreme Court has placed responsibility on the government. It wants systemic changes. Housing is a basic right.