MP Demands Overhaul of RERA, Insolvency Laws to Protect Homebuyers

In a fervent plea to the Rajya Sabha on Friday, Uttar Pradesh BJP MP Laxmikant Bajpai called for significant amendments to the Real Estate Regulatory Authority (RERA) and insolvency laws. He cited the plight of thousands of homebuyers who remain without flats due to builders declaring insolvency.

Bajpai criticized the poor implementation of RERA, particularly in Uttar Pradesh, where numerous projects are incomplete and builders absolve themselves of responsibility through insolvency declarations. He highlighted issues such as stuck registrations due to unpaid dues by builders, leaving buyers without ownership.

He urged the government to attach personal assets of defaulting builders and ensure swift investigations to prevent indefinite delays. Bajpai stressed on amending the legal framework to provide justice to lakhs of affected buyers.