BJP MP Laxmikant Bajpai Seeks RERA, Insolvency Law Reforms to Protect Homebuyers
New Delhi, March 27: BJP MP Laxmikant Bajpai on Friday called for comprehensive amendments to the Real Estate Regulatory Authority (RERA) framework and insolvency laws, highlighting the plight of thousands of homebuyers who are yet to receive possession of their flats despite investing their life savings.
Raising the issue during Zero Hour in the Rajya Sabha, Bajpai said that while the government had established regulatory bodies such as RERA, the Insolvency and Bankruptcy Board, and the National Company Law Appellate Tribunal (NCLAT), their implementation has fallen short—especially in Uttar Pradesh.
“The implementation of RERA in Uttar Pradesh is deeply flawed. Thousands of housing projects remain incomplete, and many builders have avoided accountability by declaring insolvency,” he said.
He pointed out that in several cases, even completed flats cannot be registered because developers have failed to clear government dues, leaving buyers without legal ownership.
“A builder commits a violation, but it is the common homebuyer who suffers the consequences,” Bajpai added.
The MP urged the government to amend insolvency laws to ensure stricter accountability for developers. He proposed that builders declaring insolvency should face detailed investigations, and their personal assets be attached to safeguard the interests of homebuyers.
Bajpai also raised concerns over delays in RERA proceedings, stressing the need for time-bound investigations and faster resolution of disputes.
“Cases should not be allowed to drag indefinitely. A strong and effective legal framework is essential to deliver justice to lakhs of affected homebuyers,” he said.
He urged the government to take immediate steps to strengthen real estate regulations and ensure that aggrieved buyers across the country receive timely relief.
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