Over 300 projects faces insolvency proceedings in Maharashtra

27 Apr 2023 CW Team

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).

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