308 Housing Projects in Maharashtra Referred to NCLT for Insolvency and Bankruptcy: Maharera
Mumbai, 26th April 2023: In a move to ensure transparency and accountability in the real estate sector in Maharashtra, the regulatory authority, Maharera, has taken proactive measures to scrutinize the information updated by developers on its website. As a result, it has come to light that 308 projects registered with Maharera have been referred to the National Company Law Tribunal (NCLT) for insolvency and bankruptcy.
The situation is alarming, as out of the 308 projects, 115 are ongoing, and in 32 of these projects, more than 50% have been registered. The remaining 193 projects have lapsed, and more than 50% have been registered in 150 projects. Of the 83 ongoing projects and 43 completed projects, less than 50% seem to be registered.
Various banks, financial institutions, and other credit providers in the sector have initiated insolvency and bankruptcy proceedings against these projects in the state through the National Company Law Tribunal. The list of these projects has been published on Maharera’s website to ensure transparency in the transaction and to alert consumers to avoid cheating.
It is pertinent to note that since these projects do not provide information on the number of registrations, purchases, and sales made in the project every three months with Maharera, it is unclear whether these projects are accepting new customers even in their current state. Hence, consumers should carefully peruse this list before making any decision.
Of the 308 projects, a maximum of 100 are located in Thane district, followed by 83 projects in Mumbai suburbs, 15 projects in Mumbai city, and 63 projects in Pune district. Other districts that feature on this list are Palghar (19 projects), Raigad (15 projects), Ahmednagar (5 projects), Solapur (4 projects), Chhatrapati Sambhajinagar (1 project), Ratnagiri (1 project), Nagpur (1 project), and Sangli (1 project).
Out of the 308 projects, 115 are ongoing projects, of which 50 are in Thane area, 31 in Mumbai suburbs, 10 in Mumbai city, eight each in Pune and Raigad, five in Ahmednagar, two in Palghar, and one in Solapur. The number of lapsed projects is 193, including 55 in Pune, 52 in Mumbai Suburban, 50 in Thane, 17 in Palghar, 7 in Raigad, 5 in Mumbai, 3 in Solapur, and one each in Chhatrapati Sambhajinagar, Nagpur, Ratnagiri, and Sangli districts.
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