New Delhi

Laxmikant Bajpai on Friday called for major reforms in real estate regulations and insolvency laws, highlighting the plight of homebuyers who remain without 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 introduced the Real Estate (Regulation and Development) Act and set up bodies like the Insolvency and Bankruptcy Board of India and the National Company Law Appellate Tribunal, their implementation has not delivered the intended results.

He pointed out that in states like Uttar Pradesh, several housing projects remain stalled, with developers allegedly evading responsibility by declaring insolvency.

Bajpai also raised concerns about cases where flats have been built but cannot be registered because builders have failed to clear pending government dues, leaving buyers without legal ownership despite paying in full.

Calling the situation unjust, he said that ordinary citizens are suffering for the faults of developers.

The BJP MP suggested that insolvency laws should be strengthened to allow authorities to attach the personal assets of defaulting builders and impose stricter penalties after proper investigation.

He further stressed the need for faster action within RERA, urging that cases be resolved within fixed timelines instead of dragging on for years.

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Emphasising the urgency of reforms, Bajpai said that without a stronger and more effective legal framework, the grievances of lakhs of homebuyers across the country will remain unresolved.