Owning a home, for an average Indian, is a lifelong dream. There have also been numerous instances, where thousands of aspiring home buyers have suffered, owing to poor financial management on the part of developers, especially the unregulated ones. Insolvency proceedings initiated against such developers, also left home buyers in the lurch. As a result, a reform that was long overdue, was protecting the rights of house buyers, whenever a developer faced financial insolvency, as many developers relied on the funds collected from buyers to make progress on their projects. The funds collected from the home buyers, in fact, was the basic foundation on which several developers, who did not have access to credit and institutional investments, actually began work on the project.

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