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Maharashtra Real Estate Regulatory Authority (Maharera) has cautioned homebuyers against over 308 real estate projects in major property markets including MumbaiNavi Mumbai Thane, Pune and rest of Maharashtra which are facing insolvency and bankruptcy proceedings against them.
Various banks, financial institutions and other financial lenders have initiated insolvency proceedings against the projects through the National Company Law Tribunal (NCLT).
Out of these 308 projects, the authority has reported that 115 projects are ongoing and more than 50% of the inventory in 32 projects has been sold and registered. While the registration of the remaining 193 projects is over and out of these more than 50% of the inventory has been sold and registered in more than 150 projects.
Of the 83 ongoing projects and 43 completed projects, less than 50% of the inventory has been sold and registered.
Authority cautions homebuyers to take due precautions, check list of these projects Maharera portal before taking any decision. The list of these projects has been made available on the website of the regulator as NCLT projects.
Some of the projects of developers including Housing Development and Infrastructure Limited (HDIL, Lavasa Corp, Radius Infra Holdings, Wadhwa Buildcon, DS Kulkarni Developers, RNA Corp., Shah Group BuildersNeev Group, and Marvel Realtors Mentioned in this list.
As part of enabling a close monitoring system, the regulator has started reviewing projects registered since its inception.
It has also started reviewing major housing projects in the state for discrepancies in their expenditure and actual project completion status and had recently red-flagged 313 projects for such discrepancies.
With a view to ensure micro-polishing of projects involving a large number of home buyers and investors, the authority has appointed a financial audit firm to scrutinize these projects.
In January, MahaRERA had issued show-cause notices to 19,500 projects that had not updated project information as mandated as per section 11 of the Real Estate (Regulation and Development) Act, 2016.
The regulator has started taking steps to fine-tune all the projects. For this, it not only checks the information updated by the developers on the MahaRERA website, but also tries to understand the status of the project from other sources.
The new list of realty projects facing insolvency proceedings is based on information received through the NCLT portal.
As these projects are not submitting or updating information with MahaRERA in respect of new registrations, bookings and sales every quarter, it is not clear whether these projects are accepting new customers even at this stage. the realty regulator said.
MahaRERA has published this comprehensive list on its portal to alert homebuyers and ensure transparency.
Out of these 308 projects, maximum 100 projects are in Thane district, while 83 projects are in Mumbai suburbs and 15 projects are in Mumbai city. Around 63 projects in Pune district are also in this list. Palghar district 19, Raigad 15, Ahmednagar 5 are also included in this list.
Out of these 308 projects, 115 are ongoing projects. These ongoing projects include 50 in Thane region, 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 each in Pune, Mumbai Suburban 52, Thane 50, Palghar 17, Raigad 7, Mumbai 5, Solapur 3, Chhatrapati Sambhajinagar, Nagpur, Ratnagiri and Sangli districts.
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