Homebuyers Alert: 314 Housing Projects in Maharashtra Face Insolvency
MahaRERA has issued a warning to homebuyers about 314 real estate projects in Maharashtra that are currently undergoing insolvency proceedings.
Maharashtra Real EstateMahareraInsolvency ProceedingsHomebuyersNcltReal Estate MaharashtraOct 10, 2024
Insolvency and bankruptcy proceedings have been initiated against these entities by various banks, financial institutions, and other organizations, according to MahaRERA. In April 2023, the authority had released a list of 308 housing projects that were at NCLT. Of these, 64 projects have been completed, with 84% of the apartments being booked. Another 56 projects are ongoing and have over 34% of their apartments booked. The remaining 194 projects that have lapsed have an average booking of over 61%.
MahaRERA is uncertain if the 314 projects undergoing insolvency and bankruptcy proceedings are still accepting new customers. To ensure transparency and prevent homebuyers from being deceived, the authority has compiled the list and published it on its portal. Some of the notable projects on the NCLT list include those from Wadhwa Buildcon, Lavasa Corporation, DS Kulkarni Developers, HDIL, Neptune Developers, Nirmal Lifestyle (Kalyan) Private Limited, Radius Project Developers, and RNA Corp, among others.
The regulatory body has taken several measures to monitor all real estate projects. This includes verifying the information shared by developers and keeping track of project status through other sources. According to MahaRERA, among the 56 ongoing projects, 21 from the Mumbai suburbs have 38% bookings, 20 in Thane have 28% bookings, six in Mumbai City have 31% bookings, and five in Pune have 41% bookings.
Among the 64 completed projects, 35 are in Thane, 18 in the Mumbai suburbs, nine in the Haveli area, and two in Pune. MahaRERA has strongly advised prospective buyers to check the list before making any property purchase decisions. Manoj Saunik, the chairman of MahaRERA, emphasized the importance of this list in ensuring transparency and protecting homebuyers from potential pitfalls.
Frequently Asked Questions
What is MahaRERA?
MahaRERA, or the Maharashtra Real Estate Regulatory Authority, is a regulatory body established to protect the interests of homebuyers and ensure transparency in the real estate sector in Maharashtra.
How many real estate projects are currently undergoing insolvency proceedings in Maharashtra?
As of the latest update, 314 real estate projects in Maharashtra are currently undergoing insolvency proceedings at the National Company Law Tribunal (NCLT).
Why has MahaRERA released this list?
MahaRERA has released this list to ensure transparency and protect homebuyers from being deceived by projects that are undergoing insolvency and bankruptcy proceedings.
What should homebuyers do before purchasing a property?
Homebuyers should check the list published by MahaRERA on its portal to ensure that the project they are interested in is not among those undergoing insolvency proceedings.
Which districts in Maharashtra have the highest number of projects facing insolvency?
The districts with the highest number of projects facing insolvency are the Mumbai region (236 projects) and Pune (52 projects).
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