+
Over 300 projects faces insolvency proceedings in Maharashtra
Real Estate

Over 300 projects faces insolvency proceedings in Maharashtra

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a warning to home buyers about 308 property developments in key property markets such as Mumbai and Navi Mumbai. Thane, Pune, and the rest of Maharashtra are undergoing insolvency or bankruptcy procedures.

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

The authority has underlined that 115 of these 308 initiatives are continuing, and that more than 50% of the inventory in 32 projects has been sold and registered. Although the registration of the remaining 193 projects has lapsed, and up to 50% of the merchandise in up to 150 of these projects has been sold and registered.

Less than half of the inventory is sold and recorded for the 83 ongoing projects and 43 completed projects.

Before making any decision, homeowners should conduct adequate due diligence and review the list of these projects on the MahaRERA portal. The list of these initiatives is published on the regulator's website as NCLT projects.

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

As part of the Close Monitoring System's permission, the regulator has begun to assess the projects that have been filed since its commencement.

It has also been assessing significant housing projects in the state for inconsistencies in spending and actual project completion status, and has recently red-flagged 313 such projects.

The authority has chosen a financial audit firm to analyze projects involving a large number of buyers and investors in order to ensure microcontrol.

As of January, MahaRERA had served show cause letters on 19,500 projects for failing to update project information as required by Section 11 of the Real Estate (Regulation and Development) Act 2016.

The regulator has begun to take steps to micromanage all projects. To accomplish this, it not only analyzes the material provided by developers on the MahaRERA website, but also attempts to comprehend the project's status from other sources.

The updated list of insolvent real estate projects is based on information received through 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 still admitting new clients, according to the state real estate regulator.

MahaRERA has posted this full list on its website to ensure transparency and alert homebuyers.

A total of 100 of these 308 projects are located in Thane district, with the remaining 83 in Mumbai suburbs and 15 in Mumbai city. This list also includes 63 projects in the Pune district. This list also includes the districts of Palghar (19), Raigad (15), and Ahmednagar (5).

See also:
MahaRERA extends deadline for completion of 8 projects in Mumbai
Homebuyers ask MahaRERA for redress due to developers' non-compliance


The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a warning to home buyers about 308 property developments in key property markets such as Mumbai and Navi Mumbai. Thane, Pune, and the rest of Maharashtra are undergoing insolvency or bankruptcy procedures. Several banks, financial institutions, and other lenders have filed insolvency proceedings against the projects with the National Company Law Tribunal (NCLT). The authority has underlined that 115 of these 308 initiatives are continuing, and that more than 50% of the inventory in 32 projects has been sold and registered. Although the registration of the remaining 193 projects has lapsed, and up to 50% of the merchandise in up to 150 of these projects has been sold and registered. Less than half of the inventory is sold and recorded for the 83 ongoing projects and 43 completed projects. Before making any decision, homeowners should conduct adequate due diligence and review the list of these projects on the MahaRERA portal. The list of these initiatives is published on the regulator's website as NCLT projects. This list includes developer projects by Housing Development & Infrastructure Ltd (HDIL), Lavasa Corp, Radius Infra Holdings, Wadhwa Buildcon, DS Kulkarni Developers, RNA Corp, Shah Group Builders, Neev Group, and Marvel Realtors. As part of the Close Monitoring System's permission, the regulator has begun to assess the projects that have been filed since its commencement. It has also been assessing significant housing projects in the state for inconsistencies in spending and actual project completion status, and has recently red-flagged 313 such projects. The authority has chosen a financial audit firm to analyze projects involving a large number of buyers and investors in order to ensure microcontrol. As of January, MahaRERA had served show cause letters on 19,500 projects for failing to update project information as required by Section 11 of the Real Estate (Regulation and Development) Act 2016. The regulator has begun to take steps to micromanage all projects. To accomplish this, it not only analyzes the material provided by developers on the MahaRERA website, but also attempts to comprehend the project's status from other sources. The updated list of insolvent real estate projects is based on information received through 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 still admitting new clients, according to the state real estate regulator. MahaRERA has posted this full list on its website to ensure transparency and alert homebuyers. A total of 100 of these 308 projects are located in Thane district, with the remaining 83 in Mumbai suburbs and 15 in Mumbai city. This list also includes 63 projects in the Pune district. This list also includes the districts of Palghar (19), Raigad (15), and Ahmednagar (5). See also: MahaRERA extends deadline for completion of 8 projects in MumbaiHomebuyers ask MahaRERA for redress due to developers' non-compliance

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code