Supreme Court Calls for Revival Fund to Protect Middle-Class Homebuyers

The Supreme Court has raised concerns about the plight of tax-paying middle-class homebuyers whose dreams are shattered by unfinished housing projects. The court has asked the Centre to explore setting up a 'revival fund' to ensure financial support for such stress-laden projects.

A bench of Justices J B Pardiwala and R Mahadevan emphasized the constitutional duty of the government to secure homebuyers' interests, suggesting that frameworks be established to prevent developers from exploiting buyers.

To enhance protection, the court proposed adopting measures like the National Asset Reconstruction Company or public-private partnerships to rescue stalled projects. It also urged strengthening RERA and filling vacancies at tribunals to ensure efficient resolution of housing disputes.

(With inputs from agencies.)