Over 400 realtors went under insolvency by June 2019

The number of property developers who have been dragged to the bankruptcy court has more than doubled in less than a year as a prolonged slump in sales and the ongoing liquidity crisis make things tough for many in the country. For the period ended June 30, as many as 421 realtors were under the corporate insolvency resolution process (CIRP), up from 209 as of September 30 last year, data from Insolvency and Bankruptcy Board of India show (see graphic) . Out of the 421 cases, 257 are ongoing while the remaining have been closed, which means these have been dissolved, withdrawn, or the firms faced liquidation. The number of ongoing cases will rise further unless the liquidity crisis is arrested, experts say.