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%.
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