Mumbai:A total of 314 housing projects across Maharashtra, registered with the state's Real Estate Regulatory Authority (MahaRERA), are currently facing insolvency and bankruptcy proceedings. The list includes projects by prominent developers such as Lavasa, Wadhwa Buildcon, Godrej Properties, Sheltrex Karjat (Tanaji Malasure), RNA Corp, Radius, Nirmal Lifestyle, Neptune Developers and Housing Development and Infrastructure Limited (HDIL).
This information came to light when MahaRERA began investigating the extent of the situation, gathering data from various sources including the National Company Law Tribunal (NCLT). The real estate regulator subsequently published the list on its website to protect homebuyers from potential deception and inform stakeholders about proceedings initiated by banks, financial institutions, and other entities extending credit to the real estate sector.
A 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."
According to the data, substantial investments have been made by homebuyers in these 314 projects. Of these, 56 are ongoing projects with sales-cum-registration of 34% of the total inventory. Another set of 194 lapsed projects have an average registration of over 61%. The remaining 64 completed projects have an average sales-cum-registration of apartments at 84%.
{{/usCountry}}According to the data, substantial investments have been made by homebuyers in these 314 projects. Of these, 56 are ongoing projects with sales-cum-registration of 34% of the total inventory. Another set of 194 lapsed projects have an average registration of over 61%. The remaining 64 completed projects have an average sales-cum-registration of apartments at 84%.
{{/usCountry}}It remains unclear whether these 314 projects undergoing insolvency and bankruptcy proceedings are still accepting new customers. To ensure transparency and protect homebuyers, MahaRERA has published this information on its portal, allowing potential buyers to review it before making a purchase.
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."
The list includes almost all projects by HDIL, as well as Lokhandwala-Kataria's Minerva project in Chinchpokli, Godrej Alive in Mulund, several residential projects by Neptune Developers, Nirmal Lifestyle City in Kalyan, Radius Developers' 7 Water Front (Andheri) and Radius Residency (Santacruz), RNA Corp's project in Mira Road, Wadhwa Buildcon's projects Regalia in Kalyan and Rhodesia in Bhiwandi, and Man Infraprojects' Man Excellenza in Vile Parle.
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