Adnan Siddiqui Shares Insights on Legal Remedies Available to Homebuyers in Stalled Housing Projects

Delayed housing projects often leave homebuyers facing financial uncertainty, particularly when they are required to continue servicing home loan EMIs despite not receiving possession of their homes. In a recent article published by Business Standard titled “Stalled Housing Project, Running EMIs: What Are Homebuyers’ Legal Options?”, Adnan Siddiqui shared insights on the legal remedies available to homebuyers and the role of insolvency proceedings in addressing stalled real estate projects.

Commenting on the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), Adnan explained that homebuyers are recognised as financial creditors under the Code and can initiate insolvency proceedings against a defaulting real estate developer, subject to the prescribed threshold. A Section 7 application requires the support of at least 100 allottees or 10% of the total allottees in the same real estate project, whichever is lower.

He further observed that while insolvency proceedings may provide an opportunity to revive a stalled housing project, the process can be lengthy and does not guarantee a refund to homebuyers. Accordingly, homebuyers should carefully evaluate the financial position of the project and consider their individual objectives, particularly whether they wish to secure possession of the property or recover the money invested.

The discussion highlights the legal considerations homebuyers should weigh when exploring remedies against stalled housing projects, especially where financial obligations continue despite delays in possession.

Read the full article here: https://www.business-standard.com/markets/news/stalled-housing-project-running-emis-what-are-homebuyers-legal-options-126102301659_1.html 

Last Updated on 30 October, 2026