Mumbai, India (October 10, 2024): In a significant development, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has revealed that 314 housing projects registered with it are currently facing insolvency proceedings at the National Company Law Tribunal (NCLT). To safeguard homebuyers’ interests, MahaRERA has made a comprehensive list of these projects publicly available on its website.
The insolvency proceedings have been initiated by various financial institutions and creditors due to the financial distress faced by these real estate projects. MahaRERA Chairman Manoj Saunik emphasized the organization’s commitment to protecting homebuyers’ investments and urged them to exercise caution when considering property purchases. Of the 314 projects listed, a significant number have received substantial investments. Among the ongoing projects, 56 have an average registration rate of over 34%, while 194 lapsed projects have an average registration rate of over 61%.
Additionally, 64 completed projects have an 84% registration rate. MahaRERA has been actively monitoring real estate projects and has taken measures to ensure transparency and protect homebuyers’ interests. The authority has verified information provided by developers and has compiled the list of projects facing NCLT proceedings based on data from various sources. The situation is particularly concerning for homebuyers who have invested in lapsed projects. In suburban Mumbai, 88 projects are under scrutiny, with 56 showing over 70% investment. Similar trends are evident in other regions of Maharashtra, including Pune, Thane, Palghar, Solapur, Nagpur, Chhatrapati Sambhajinagar, Mumbai City, Nashik, and Raigad. While 314 projects are undergoing insolvency proceedings, it remains unclear whether they are still accepting new customers. MahaRERA’s publication of the list aims to alert potential homebuyers and encourage them to exercise due diligence before making any investment decisions.
