Over 300 housing projects in state about to become insolvent, says MahaRERA

A total of 314 projects registered with the Maharashtra Real Estate Regulatory Authority MahaRERA are undergoing proceedings at the National Company Law Tribunal NCLT under the insolvency and bankruptcy code The real estate regulator has published the list on its website to prevent homebuyers from getting deceivedThe insolvency and bankruptcy proceedings have been initiated by various banks financial institutions and other entities extending lines of credit to the real estate sectorldquoIn these 314 projects significant investment has been made Of them 56 are ongoing projects with an average registration of apartments at over 34 per cent Likewise among the balance of 194 projects that are lapsed the average registration done is over 61 per cent The balance 64 projects have been completed with a registration rate of 84 per cent for the apartmentsrdquo pointed out a MahaRERA official confirming the numberMahaRERA has initiated several measures to keep a check on all real estate projects Not only the information shared by the developers is verified but also keeps itself abreast with the projectrsquos 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 the official addedSuburban Mumbai tops the listThe issue is serious especially about the investments made in the lapsed projects Of the 88 projects in Suburban Mumbai 51 are 70 per cent invested Similarly in Pune of the 50 projects 75 per cent of 45 projects are already booked In Thane 52 out of 106 projects have investments of 50 per cent In Palghar 16 out of 18 projects are 74 per cent bookedIn Solapur all the 5 projects have 87 per cent investment In Nagpur both the projects have 60 per cent investment and the sole lapsed project in Chhatrapati Sambhajinagar is 55 per cent investedAdditionally out of the 9 lapsed projects in Mumbai City 2 of them already have an investment of 68 per cent In Nashik there is a 34 per cent investment in all the 3 lapsed projects Whereas in Raigad of the 15 lapsed projects 13 are 32 per cent investedOf the 56 ongoing projects 21 are from Mumbai suburbs with 38 per cent investment 20 in Thane 28 per cent investment 6 in Mumbai City 31 per cent investment 5 in Pune 41 per cent investment 2 in Palghar 65 per cent investment 2 in Raigad 9 per cent investment and 1 in Ratnagiri nil investmentAmong the 64 completed projects 35 are in Thane and 18 in the Mumbai suburbs Additionally there are 9 projects in the Haveli area and 2 in Pune The total percentage of registration done is 91 per cent for housing projects in Thane 87 per cent of the apartments in Mumbai suburbs are registered and 96 per cent in the case of projects in Pune On average 84 per cent of the apartments in all the completed projects have been registeredldquoIt is unclear if these 314 projects undergoing insolvency and bankruptcy proceedings are still accepting new customers Hence to ensure transparency and prevent homebuyers from getting deceived MahaRERA has compiled the list and published it on its portal as it is of the view that it will help in alerting and guiding people MahaRERA has appealed to the homebuyers to go through the list before purchasing a homerdquo the official statedEnsuring buyers investment is safeldquoMahaRERA 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 NCLTrsquos website A comprehensive and compiled list has been made public for the larger interest of the homebuyersrdquo said Manoj Saunik MahaRERA ChairmanMahaRERA Chairman Manoj SaunikldquoThe list of 314 projects undergoing insolvency and bankruptcy is part of the efforts to alert the homebuyers and prevent them from getting deceived In April 2023 MahaRERA brought out a districtwise list of 308 such projects which proved to be helpful to several homebuyers MahaRERA appeals to everyone to check this list before deciding on purchasing a propertyrdquo Saunik said