MahaRERA Flags 314 Housing Projects Under Insolvency, Warns Homebuyers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a warning to homebuyers against purchasing properties in 314 projects undergoing insolvency proceedings. These projects, including significant investments, are listed on MahaRERA’s web
MahareraInsolvencyReal EstateHomebuyersProperty InvestmentsReal EstateOct 10, 2024
In these 314 projects, significant investments have already been made. Out of these, 56 projects are ongoing with an average registration of apartments at over 34%. Among the remaining 194 lapsed projects, the average property registration stands at over 61%. The remaining 64 projects have been completed, with a registration rate of 84% for the apartments.
Some of the prominent realty developers whose projects are flagged include Wadhwa Buildcon LLP, Housing Development & Infrastructure Ltd (HDIL), Man Infraprojects, RNA Corp, Radius & Deserve LLP, Karrm Infrastructure, Man Realty, Lavasa Corp, Richa India Infra Development, Rashmi Housing, Nirmal Lifestyle, and Sheltrex Karjat.
MahaRERA has implemented several measures to monitor all real estate projects. The regulator verifies the information shared by developers and stays updated with the project status through various sources. Manoj Saunik, Chairman of MahaRERA, stated, “MahaRERA is consistently working to ensure that homebuyers’ investments remain safe and protected. This list of 314 projects undergoing insolvency and bankruptcy is part of our efforts to alert homebuyers and prevent them from getting deceived. In April 2023, MahaRERA had published a district-wise list of 308 such projects, which proved to be helpful to many homebuyers. We urge everyone to check this list before making any property purchase decisions.”
The list of projects facing proceedings in NCLT is available on MahaRERA’s website. It has been compiled based on information from various sources and verified through the relevant authorities. It is unclear if these projects are still accepting new bookings from customers. To ensure transparency and prevent homebuyers from being misled, MahaRERA has updated the list on its portal and appealed to the public to review it before making any decisions.
The data from the regulator shows that of the 88 projects in suburban Mumbai, 51 have seen 70% investment. In Pune, 75% of the 50 projects are already booked. In Thane, 52 out of 106 projects have seen investments of 50%. In Palghar, 16 out of 18 projects are 74% booked. In Solapur, all 5 projects have 87% investment. In Nagpur, both projects have 60% investment, and the sole lapsed project in Chhatrapati Sambhajinagar is 55% invested.
Additionally, out of the 9 lapsed projects in Mumbai City, 2 have an investment of 68%. In Nashik, there is 34% investment in all 3 lapsed projects. In Raigad, 13 out of 15 lapsed projects have 32% investment. Of the 56 ongoing projects, 21 are from Mumbai suburbs with 38% bookings, 20 in Thane with 28% sales, 6 in Mumbai City with 31% bookings, and 5 in Pune with 41% sales.
MahaRERA’s efforts aim to protect homebuyers and maintain transparency in the real estate market. Homebuyers are advised to thoroughly check the list and seek professional advice before making any investment decisions.
Frequently Asked Questions
What is MahaRERA?
MahaRERA stands for the Maharashtra Real Estate Regulatory Authority. It is a regulatory body established to protect homebuyers and ensure transparency in the real estate sector in Maharashtra.
Why has MahaRERA flagged 314 housing projects?
MahaRERA has flagged 314 housing projects because they are undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) of 2016, and significant investments have already been made in these projects.
Where can I find the list of flagged projects?
The list of 314 flagged projects is available on MahaRERA’s official website. Homebuyers are advised to check this list before making any property purchase decisions.
What should homebuyers do before purchasing a property?
Homebuyers should thoroughly check the list of flagged projects on MahaRERA’s website and seek professional advice before making any investment decisions to ensure their investments remain safe and protected.
How is MahaRERA ensuring transparency in the real estate market?
MahaRERA is ensuring transparency by verifying the information shared by developers, monitoring project statuses, and updating the list of flagged projects on its portal to alert homebuyers and prevent them from being misled.
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