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Thursday, July 25, 2024

MahaRERA cautions homebuyers against 308 projects facing insolvency proceedings

Out of these 308 projects, the authority has highlighted that 115 projects are ongoing a32 projects, more than 50% of the inventory has been sold and registered. While theremaining 193 projects’ registration has lapsed and in as many as 150 projects of thesethan 50% inventory has been sold and registered.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cautioned homebuyers against over 308 real estate projects in keyproperty markets including Mumbai, Navi Mumbai, Thane, Pune, and rest of Maharashtra that are facing insolvency and bankruptcy proceedings against them.

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

Out of these 308 projects, the authority has highlighted that 115 projects are ongoing and in 32 projects, more than 50% of the inventory has been sold and registered. While the remaining 193 projects’ registration has lapsed and in as many as 150 projects of these, more than 50% inventory has been sold and registered.

Out of 83 ongoing projects and 43 completed projects, less than 50%inventory is sold and registered.

The authority has cautioned the homebuyers to undertake a proper due diligence, check the list of these projects on MahaRERA portal beforetaking any decision. The list of these projects has been made available as NCLT projects on the regulator’s website.

Some of the projects of developers including Housing Development & Infrastructure Ltd (HDIL), Lavasa Corp, Radius Infra Holdings, Wadhwa Buildcon, D.S. Kulkarni Developers, RNA Corp, Shah Group Builders, Neev Group, and Marvel Realtors have been mentioned in this list.

As part of enabling the Close Monitoring System, the regulator has It has also started reviewing large housing projects in the state for discrepancies in its expenditures and actual project completion status and had recently red-flagged 313 projects for such discrepancies.started reviewing the projects registered since its inception.

With an objective of ensuring micro-control of projects that involve a large number of homebuyers and investors, the authority has appointed a financial audit firm to scrutinise these projects.

In January, MahaRERA had issued show cause notices to 19,500 projects that had not updated the mandatory project information as per section 11 of the Real Estate (Regulation & Development) Act, 2016.

The regulator has started taking steps for micro control of all the projects. For this, it not only scrutinizes the information updated by the developers on MahaRERA website, but also tries to understand theproject status from other sources.

The new list of realty projects facing insolvency proceedings is based on the information sourced through the NCLT portal.

As these projects have not been submitting or updating information with regards to new registrations, bookings and sales every quarter with MahaRERA, it is not clear whether these projects are accepting new customers even in this condition, the state realty regulator said.

The MahaRERA has published this comprehensive list on its portal to ensure transparency in and to alert homebuyers.

Out of these 308 projects maximum 100 projects are in Thane district, while 83 projects in Mumbai suburbs and 15 projects in Mumbai city. Around 63 projects in Pune district are also in this list. Palghar district with 19, Raigad 15, Ahmednagar 5 are also included in this list.

Out of these 308 projects, 115 are ongoing projects. Of these ongoing projects include 50 in Thane area, 31 in Mumbai suburbs, 10 in Mumbai city, 8 each in Pune and Raigad, 5 in Ahmednagar, 2 in Palghar and one in Solapur.

The number of lapsed projects is 193 which includes 55 in Pune, Mumbai Suburban 52, Thane 50, Palghar 17, Raigad 7, Mumbai 5, Solapur 3, Chhatrapati Sambhajinagar, Nagpur, Ratnagiri and Sangli districts each.

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