MahaRERA Publishes List of 314 Real Estate Projects in Insolvency to Aid Homebuyers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released a detailed list of 314 real estate projects that are currently undergoing insolvency and bankruptcy proceedings. This list aims to help homebuyers make informed decisions and avoid p
MahareraReal EstateInsolvencyBankruptcyHomebuyersReal Estate MaharashtraOct 10, 2024
These 314 projects represent significant investments. Out of these, 56 projects are still ongoing, with an average apartment registration rate of 34%. Another 194 projects have lapsed, with an average of 61% apartment registration. The remaining 64 projects have been completed, and these have an average apartment registration rate of 84%.
Discussing the issue, MahaRERA Chairman Manoj Saunik stated, 'The 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 brought out a district-wise list of 308 such projects, which proved to be helpful to several homebuyers. We urge everyone to check this list before deciding on purchasing a property.'
MahaRERA has taken steps to track these projects closely. They verify data provided by developers and monitor the progress of these projects through multiple sources to ensure the accuracy of the information. The list of projects facing proceedings at the NCLT has been verified by relevant authorities to provide a reliable reference for prospective buyers.
The issue of lapsed projects is particularly concerning. In suburban Mumbai, 51 out of 88 projects are about 70% invested. In Pune, 45 out of 50 projects have 75% of units booked. Thane has 52 out of 106 projects with at least 50% investment, while in Palghar, 16 of the 18 projects are 74% booked. Solapur's five projects show an 87% investment rate, while Nagpur's two projects are 60% invested. In Chhatrapati Sambhajinagar, a single lapsed project shows 55% investment. In Mumbai City, 2 of 9 lapsed projects have 68% investment, Nashik's three lapsed projects have 34% investment, and Raigad's 13 out of 15 lapsed projects have 32% investment.
Of the 56 ongoing projects, Mumbai suburbs account for 21 projects with a 38% investment rate, Thane has 20 projects with 28% investment, and Mumbai City has six projects with 31% investment. Pune, Palghar, Raigad, and Ratnagiri make up the remainder, with varying investment levels.
The 64 completed projects mainly span Thane, Mumbai suburbs, Haveli area, and Pune, with high apartment registration rates 91% for Thane, 87% for Mumbai suburbs, and 96% for Pune. Overall, completed projects have an average registration rate of 84%.
The list, now available on the MahaRERA portal, serves as a warning and guidance for buyers to make informed decisions. MahaRERA has urged homebuyers to consult this list before committing to a property purchase, ensuring that buyers avoid financial risks in projects facing financial distress.
Frequently Asked Questions
What is the purpose of MahaRERA publishing the list of real estate projects in insolvency?
The purpose is to protect homebuyers by providing them with information about potentially risky investments in real estate projects currently undergoing insolvency and bankruptcy proceedings.
How many real estate projects are currently listed as undergoing insolvency and bankruptcy proceedings?
MahaRERA has listed 314 real estate projects that are currently involved in insolvency and bankruptcy proceedings.
What is the average apartment registration rate for ongoing projects?
The average apartment registration rate for ongoing projects is 34%.
Which areas have the highest number of lapsed projects?
Thane has the highest number of lapsed projects with 52 out of 106 projects showing at least 50% investment.
Where can I find the list of real estate projects in insolvency?
The list is available on the MahaRERA portal and can be accessed by visiting their official website.
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