MahaRERA Identifies Two Nagpur Housing Projects Under Insolvency
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has identified two ongoing housing projects in Nagpur that are now under insolvency proceedings. These projects are part of the 314 housing developments across Maharashtra facing similar issues,
MahareraInsolvencyNagpurReal EstateNcltReal Estate MaharashtraOct 10, 2024
The two ongoing projects in Nagpur have seen an investment rate of 60%. While the total number of projects in Nagpur affected by this insolvency process remains relatively small compared to other regions like Mumbai and Pune, it is still significant for local homebuyers and investors. MahaRERA has made the list public to prevent potential homebuyers from unknowingly purchasing properties in these projects that are under financial distress.
The projects in Nagpur flagged by MahaRERA are Ramnath City Phase I and Swapnil Parijat. These projects are part of a larger trend affecting the state's real estate sector, where 314 projects, including 56 ongoing, 194 lapsed, and 64 completed projects, have come under NCLT scrutiny. This list includes a total of 236 projects from the Mumbai region, 52 from Pune, 9 from Haveli, and 5 each from Ahmednagar and Solapur, among others.
In terms of investments, the lapsed projects across the state have already seen a registration rate of over 61%, while ongoing projects are 34% registered. Completed projects, on the other hand, have an 84% registration rate.
MahaRERA chairman Manoj Saunik said, \
Frequently Asked Questions
What are the two projects in Nagpur that have been flagged by MahaRERA?
The two projects in Nagpur that have been flagged by MahaRERA are Ramnath City Phase I and Swapnil Parijat.
How many housing projects across Maharashtra are facing insolvency issues?
A total of 314 housing projects across Maharashtra are facing insolvency issues, as per the latest data released by MahaRERA.
Why has MahaRERA made the list of insolvency projects public?
MahaRERA has made the list of insolvency projects public to prevent potential homebuyers from unknowingly purchasing properties in these projects that are under financial distress and to protect their interests.
What is the investment rate of the two ongoing projects in Nagpur?
The two ongoing projects in Nagpur have seen an investment rate of 60%.
How many projects in the Mumbai region are under NCLT scrutiny?
A total of 236 projects in the Mumbai region are under NCLT scrutiny, as part of the 314 projects facing insolvency issues across Maharashtra.
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