Online realty portal IndiaHomes.com is defunct even as efforts are afoot to keep the legal entity alive. The portal has been facing issues in recovering receivables of around Rs 100 crore from builder for the last two years because of a slow market and its investors have also shown concern about new provisions in the real estate regulatory bill that brings in criminal liability on part of brokers, reports VCCircle.

Amid a spate of resignations at the online real estate company is Samarjit Singh, founder, chairman and managing director who said he has quit. IndiaHomes’ board members Bala Deshpande, Sanjeev Aggarwal and Ashu Garg representing investors New Enterprise Associates (NEA), Helion Ventures and Foundation Capital, respectively, have also resigned, said two people with the direct knowledge of affairs at the company, as per the report.

Earlier IndiaHomes. com had suspended operations of its primary new apartment sale business due to multiple issues, including being in violation of one of the conditions set in the new ecommerce marketplace rules as it offers discounts to buyers on homes from the commissions paid by builders, thereby influencing the final sale price, as per an ET report.

"The investors in the company—NEA, Foundation Capital and Helion Ventures-—have decided not to put in more money in the company," said one of the people quoted above. "They are now in the process of selling their combined 87% stake in the remaining company to Mauritius-based fund Pinnacle Capital for Rs 240-250 crore, recovering the amount invested by them so far in the business while founder Samarjit Singh will continue to hold his 13% stake in the company," he said, asking not to be named.

"The new investor is buying the company without taking on any employee liability from the division that has been closed, though it will get rights on the Rs 100 crore pending receivables of that division," he added, ET had reported earlier.

There have been reports of Housing.com buying IndiaHomes.com and merger between IndiaHomes and Indiaproperty.com (part of Bharatmatrimony.com), as per VCCircle.