New Delhi, Nov. 4 -- Insolvency in a real estate company often leaves homebuyers waiting years for their dream homes, even after making significant investments. To address this, the Insolvency and Bankruptcy Board of India (IBBI) has amended its insolvency rules to overhaul the resolution process for real estate firms.

Notified on 30 October, the new rules allow individual projects to be treated separately during insolvency proceedings while giving homebuyers a greater say in the process. The changes aim to protect buyers, prevent completed projects from getting entangled in a developer's financial troubles, and speed up the delivery of homes to those waiting for possession.

Mint explains what has changed, how the new rules differ from ...