Supreme Court order for Parsvnath homebuyers
The Supreme Court on Thursday, 5 November 2026, allowed conveyance deeds to be executed in favour of existing allottees in completed projects of Parsvnath Developers, the real-estate company now in insolvency proceedings. A bench of Chief Justice of India Surya Kant and Justice Joymalya Bagchi passed the order, PTI reported.
A conveyance deed is the registered document that transfers legal ownership of a flat from the developer to the buyer. Without it, a buyer may live in the home without full title, which can make it harder to resell the flat or borrow against it.
The bench said the relief would be available only after allotments are properly verified, and that the permission must not be used to create third-party rights in the properties.
Account freeze partly eased
The court also partly relaxed its 13 July order freezing the bank accounts of Parsvnath Developers and related entities, so that electricity charges and employees' dues can be paid. It directed the company's lending financial institutions to make enough funds available to the resolution professional, the insolvency official now running the company, to cover these expenses.
The order follows submissions by senior advocate Shyam Divan that the resolution professional should be allowed to take some steps to address homebuyers' grievances. This marks a change from the court's earlier position. At a hearing on 8 September, Deccan Herald reported, the bench refused the interim resolution professional's request to operate even one frozen account and rejected a Parsvnath proposal on possession and refunds as "another device" to delay compliance.
Two decades of delays
Many Parsvnath buyers have been waiting for possession since 2005–07. Counsel for Parsvnath told the court in September that the group was building 27,000 units across 24 housing projects. Of these, 24,000 had been sold and about 3,000 had yet to be offered for possession. The interim resolution professional reported receiving about 3,000 claims from homebuyers.
The case began with a petition by Rita Tikku, a cancer survivor, and her husband Lokaish Tikku. They paid about ₹1.78 crore in full for units in Parsvnath Exotica in Sector 53, Gurugram, which were allotted in 2006. Haryana RERA awarded them compensation, but the orders were not complied with. On 13 July the court froze the accounts of Parsvnath Developers, Parsvnath Hessa Developers and their directors and issued bailable warrants against the company's leadership. PTI reported that the Tikkus have since received their homes following the court's intervention.
On Thursday the bench also expressed concern about what it called a "majoritarian asymmetry" in the committee of creditors. It said financial creditors' commercial interests could take precedence over homebuyers' concerns, and indicated that a conventional insolvency process may not suit projects at very different stages. A lawyer for homebuyers said some projects are 70–90% complete while others lack basic infrastructure or exist only on paper.
What it means for Parsvnath buyers in Delhi-NCR
For allottees in finished Parsvnath projects, the order offers a route to legal ownership after years of delay, once their allotments are verified. Buyers in incomplete or abandoned projects get no direct relief yet. Their outcome depends on how the court shapes the resolution process. Homebuyers should keep allotment letters, builder-buyer agreements, payment receipts and any RERA orders ready for verification.
Sources
- Hindustan Times (PTI): Supreme Court allows conveyance deeds for Parsvnath homebuyers in completed projects — published 5 November 2026.
- Deccan Herald: Supreme Court rejects Parsvnath Developers' proposal on homebuyers, warns of high-powered committee — published 8 September 2026.
Frequently asked questions
What did the Supreme Court order for Parsvnath homebuyers?
On 5 November 2026 the court allowed conveyance deeds to be executed for existing allottees in completed Parsvnath projects, but only after their allotments are properly verified. The permission cannot be used to create third-party rights in the properties.
What is a conveyance deed?
A conveyance deed is the registered document that transfers legal ownership of a flat from the developer to the buyer. Without it, a buyer may have possession but not full legal title.
Are Parsvnath's bank accounts still frozen?
The court partly relaxed its 13 July freeze so electricity charges and employees' dues can be paid. It directed the lending financial institutions to give the resolution professional enough funds for these expenses.