India, Aug. 30 -- Union Housing and Urban Affairs Minister Manohar Lal on August 30 said the National Company Law Tribunal (NCLT) had failed to resolve stalled real estate projects and called for systemic reforms to safeguard the interests of both consumers and banks. He also urged builders to avoid cash transactions, misleading advertisements and emphasised the importance of aligning circle rates with market rates.

Speaking at NAREDCO's annual convention, he urged developers to steer clear of cash transactions, which he described as a "big problem" in the real estate sector, and stressed that eliminating such practices is crucial for the growth of the sector that contributes 8-10% of the country's GDP.

"Cash dealing is a big problem in...