MahaRERA Lists 314 Housing Projects in Bankruptcy: A Critical Guide for Homebuyers
Pune: MahaRERA has published a list of 314 housing projects facing insolvency and bankruptcy. This comprehensive list is essential for homebuyers to avoid potential scams and make informed decisions.
MahareraHousing ProjectsInsolvencyBankruptcyHomebuyersReal Estate PuneOct 10, 2024
Out of the 314 projects listed, 56 are ongoing, 194 have lapsed, and 64 are completed. The distribution of these projects across various regions is as follows 236 from the Mumbai Region, 61 from Pune, 5 each from Ahmednagar and Solapur, 3 from Nashik, 2 from Nagpur, and 1 each from Ratnagiri and Chhatrapati Sambhajinagar.
MahaRERA officials have expressed concern over the occupancy rates of these projects. For the 56 ongoing projects, the average registration of apartments is over 34%. Among the 194 lapsed projects, the average registration stands at over 61%. The 64 completed projects have an impressive registration rate of 84%.
MahaRERA Chairman Manoj Saunik emphasized the importance of this list. 'We have compiled this crucial information from various sources and verified it from the NCLT's website. The list of 314 projects undergoing insolvency and bankruptcy proceedings has been made public for the benefit of homebuyers. It is part of our ongoing efforts to alert homebuyers and prevent them from being deceived. In April 2023, we had released a district-wise list of 308 such projects, which was very helpful to many homebuyers. We urge everyone to check this list before making any property purchase decisions,' Saunik stated.
Legal expert and activist Amitabh Mehta praised MahaRERA's initiative. 'This list is a valuable resource for homebuyers. It will help prevent them from making wrong investments and falling victim to fraudulent projects,' he said.
Mohan Naik, a homebuyer, expressed his satisfaction with the list. 'The information provided is comprehensive and gives clear indications about where not to invest money. It will be a great help to homebuyers like me,' Naik added.
By making this information readily available, MahaRERA aims to enhance transparency in the real estate market and protect the interests of homebuyers and investors.
Frequently Asked Questions
What is MahaRERA?
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to promote transparency, accountability, and consumer protection in the real estate sector in Maharashtra.
How many housing projects are listed by MahaRERA as facing insolvency?
MahaRERA has listed 314 housing projects facing corporate insolvency resolution at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016.
Why is this list important for homebuyers?
This list is crucial for homebuyers as it provides information about housing projects undergoing insolvency and bankruptcy proceedings, helping them avoid potential scams and make informed investment decisions.
What regions are most affected by these insolvency projects?
The most affected regions are the Mumbai Region with 236 projects and Pune with 61 projects. Other regions like Ahmednagar, Solapur, Nashik, and Nagpur also have a few affected projects.
What is the average registration rate for ongoing projects?
The average registration rate for the 56 ongoing projects listed by MahaRERA is over 34%.
Related News Articles
India's Real Estate Sector Sees Record Investments of $4.8 Billion in H1 2024
Institutional investments in Indian real estate surge to a record $4.8 billion, driven by foreign and domestic investors, with emerging sectors like data centres and life sciences gaining traction.
MICL Group Delivers 19th Real Estate Project Ahead of Schedule, Boosts Revenue Potential
Aaradhya Evoq, the luxury residential project in Juhu, Mumbai, was completed in under 2.5 years, cementing MICL Group's commitment to timely execution and customer satisfaction.
Shapoorji Pallonji Group's Afcons Infra to Launch ₹5,430 Cr IPO on October 25
Founded in 1865, Shapoorji Pallonji, a renowned name in the Indian real estate and infrastructure sector, is set to take a significant step with its infrastructure arm, Afcons Infra, launching a ₹5,430 crore Initial Public Offering (IPO) on October 25.
HDFC Capital Teams Up with Runwal Enterprises for Rs 1,150 Crore Affordable Housing Project
Mumbai: HDFC Capital, the real estate private equity arm of HDFC Group, has entered into a strategic partnership with leading realty developer Runwal Enterprises to invest Rs 1,150 crore in the affordable housing segment. This collaboration aims to bridge
Ajmera Realty Partners with Hamley's Wonderland as Associate Sponsor
Ajmera Realty, a leading real estate developer, has joined hands with Hamley's Wonderland to become an associate sponsor, marking a significant step in their commitment to community engagement and family entertainment.
Hyderabad Businessman Missing for Four Days Found Dead in SR Nagar
Hyderabad: Vishnu Rupani's body found in a highly decomposed state; police suspect kidnapping and murder over a financial dispute.