MahaRERA cautions homebuyers against 308 projects facing insolvency

03 May 2023 CW Team

Various banks, financial institutions, and other lenders have filed insolvency proceedings against the projects with the National Company Law Tribunal (NCLT).

The authority has stated that 115 of the 308 projects are still in progress, and that more than half of the inventory has been sold and registered in 32 of them. While the registration for the remaining 193 projects has expired, more than 50% of inventory has been sold and registered in as many as 150 of these.

Less than half of the inventory is sold and registered out of 83 ongoing projects and 43 completed projects.

Before making any decision, homebuyers should conduct proper due diligence and check the list of these projects on the MahaRERA portal. The list of these projects is available on the regulator's website as NCLT projects.

This list includes projects by Housing Development & Infrastructure (HDIL), Lavasa Corp, Radius Infra Holdings, Wadhwa Buildcon, D.S. Kulkarni Developers, RNA Corp, Shah Group Builders, Neev Group, and Marvel Realtors.

As part of enabling the Close Monitoring System, the regulator has begun reviewing the projects that have been registered since the system's inception.

It has also begun reviewing large housing projects in the state for discrepancies in expenditures and actual project completion status, and has recently red-flagged 313 such projects.

The authority has appointed a financial audit firm to scrutinise these projects in order to ensure micro-control of projects involving a large number of homebuyers and investors.

MahaRERA issued show cause notices to 19,500 projects in January for failing to update mandatory project information in accordance with Section 11 of the Real Estate (Regulation & Development) Act, 2016. The regulator has begun to take steps to micromanage all projects. It not only examines the information updated by developers on the MahaRERA website for this purpose but also tries to understand the project status from other sources.

The new list of real estate projects facing insolvency proceedings is based on data obtained from the NCLT portal.

Because these projects have not been submitting or updating information about new registrations, bookings, and sales with MahaRERA on a quarterly basis, it is unclear whether they are accepting new customers even in this condition, according to the state realty regulator.

To ensure transparency and to alert homebuyers, the MahaRERA has published this comprehensive list on its portal.

A maximum of 100 of these 308 projects are in Thane district, with the remaining 83 in Mumbai suburbs and 15 in Mumbai city. This list includes approximately 63 projects in the Pune district. Palghar district with 19, Raigad 15, and Ahmednagar 5 are also included in this list.

There are 115 ongoing projects among the 308 projects. There are 50 ongoing projects in Thane, 31 in Mumbai suburbs, 10 in Mumbai city, 8 in Pune and Raigad, 5 in Ahmednagar, 2 in Palghar, and 1 in Solapur.

There are 193 lapsed projects, with 55 in Pune and Mumbai. Suburban 52, Thane 50, Palghar 17, Raigad 7, Mumbai 5, Solapur 3, and each of Nagpur, Ratnagiri, and Sangli districts.

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has warned prospective homebuyers about 308 real estate projects in key property markets such as Mumbai and Navi Mumbai. Thane, Pune, and the rest of Maharashtra are under insolvency and bankruptcy proceedings. Various banks, financial institutions, and other lenders have filed insolvency proceedings against the projects with the National Company Law Tribunal (NCLT). The authority has stated that 115 of the 308 projects are still in progress, and that more than half of the inventory has been sold and registered in 32 of them. While the registration for the remaining 193 projects has expired, more than 50% of inventory has been sold and registered in as many as 150 of these. Less than half of the inventory is sold and registered out of 83 ongoing projects and 43 completed projects. Before making any decision, homebuyers should conduct proper due diligence and check the list of these projects on the MahaRERA portal. The list of these projects is available on the regulator's website as NCLT projects. This list includes projects by Housing Development & Infrastructure (HDIL), Lavasa Corp, Radius Infra Holdings, Wadhwa Buildcon, D.S. Kulkarni Developers, RNA Corp, Shah Group Builders, Neev Group, and Marvel Realtors. As part of enabling the Close Monitoring System, the regulator has begun reviewing the projects that have been registered since the system's inception. It has also begun reviewing large housing projects in the state for discrepancies in expenditures and actual project completion status, and has recently red-flagged 313 such projects. The authority has appointed a financial audit firm to scrutinise these projects in order to ensure micro-control of projects involving a large number of homebuyers and investors. MahaRERA issued show cause notices to 19,500 projects in January for failing to update mandatory project information in accordance with Section 11 of the Real Estate (Regulation & Development) Act, 2016. The regulator has begun to take steps to micromanage all projects. It not only examines the information updated by developers on the MahaRERA website for this purpose but also tries to understand the project status from other sources. The new list of real estate projects facing insolvency proceedings is based on data obtained from the NCLT portal. Because these projects have not been submitting or updating information about new registrations, bookings, and sales with MahaRERA on a quarterly basis, it is unclear whether they are accepting new customers even in this condition, according to the state realty regulator. To ensure transparency and to alert homebuyers, the MahaRERA has published this comprehensive list on its portal. A maximum of 100 of these 308 projects are in Thane district, with the remaining 83 in Mumbai suburbs and 15 in Mumbai city. This list includes approximately 63 projects in the Pune district. Palghar district with 19, Raigad 15, and Ahmednagar 5 are also included in this list. There are 115 ongoing projects among the 308 projects. There are 50 ongoing projects in Thane, 31 in Mumbai suburbs, 10 in Mumbai city, 8 in Pune and Raigad, 5 in Ahmednagar, 2 in Palghar, and 1 in Solapur. There are 193 lapsed projects, with 55 in Pune and Mumbai. Suburban 52, Thane 50, Palghar 17, Raigad 7, Mumbai 5, Solapur 3, and each of Nagpur, Ratnagiri, and Sangli districts. Also Read Macrotech Developers to invest in construction projects Firm offers 2 options to settle with flat owners of 3 towers

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