Housing projects: IBBI moots changes to rules

The Insolvency & Bankruptcy Board of India (IBBI) has proposed key changes to smoothen the process of completion, handing over, and registration of residential projects for homebuyers. The suggestions include registering each project under RERA, operating separate bank accounts for each project, and allowing the transfer of rights to homebuyers. The IBBI also recommends excluding properties where the “allottee” has taken possession from the liquidation estate. These changes aim to address delays and confusion in the resolution process for real estate projects facing insolvency.