Currently facing insolvency and bankruptcy procedures are 314 housing developments located throughout Maharashtra that are registered with the state's Real Estate Regulatory Authority (MahaRERA). Prominent developers include Sheltrex Karjat (Tanaji Malasure), Wadhwa Group, Godrej Properties, Lavasa, RNA Corp, Radius, Nirmal Lifestyle, Neptune Developers, and Housing Development and Infrastructure Limited (HDIL) have projects on the list.
When MahaRERA started looking into the scope of the issue and gathered information from other sources, including the National Company Law Tribunal (NCLT), this information became available.
In order to safeguard homebuyers from possible fraud and notify interested parties about actions taken by banks, financial institutions, and other organizations providing credit to the real estate industry, the real estate regulator later posted the list on its website.
The data indicates that homebuyers have made significant investments in these 314 projects. Of these, 56 are active initiatives, accounting for 34% of the total inventory through sales-cum-registration. The average registration for a different group of 194 abandoned initiatives is more than 61%. The average sales-cum-registration of flats across the 64 finished developments that are still standing is 84%.
It is unknown if the 314 projects that are going through bankruptcy and insolvency procedures are still taking on new clients. MahaRERA has posted this information on its portal so that prospective buyers can evaluate it before completing a purchase, in order to protect homebuyers and guarantee transparency.
MahaRERA official stated, "MahaRERA has initiated several measures to keep a check of all real estate projects. Not only the information shared by the developers is verified, but also keeps itself abreast with project's status through other sources. The list of projects facing proceedings in NCLT has been compiled based on information obtained from various sources and verified through the relevant authorities' as well."
Manoj Saunik, chairman of MahaRERA, said, "MahaRERA is consistently working to ensure that homebuyers' investments remain safe and protected. MahaRERA has compiled this crucial information of the projects undergoing insolvency and bankruptcy proceedings from various sources and has also verified the same from NCLT's website. A comprehensive and compiled list has been made public for the larger interest of the homebuyers. In April 2023, MahaRERA had brought out a district wise list of 308 such projects, which proved to be helpful to several homebuyers. MahaRERA appeals to everyone to check this list prior to deciding on purchasing a property."
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