The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a warning to homebuyers, advising them to avoid purchasing properties in 314 housing projects currently undergoing insolvency proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016.
The Corporate Insolvency Resolution Process (CIRP) was initiated against these projects by banks, financial institutions, and other creditors. Among the 314 projects, 56 are ongoing, with over 34% of apartments already registered. Additionally, 194 projects have lapsed, with 61% property registration, while 64 projects are completed, with 84% of apartments registered.
Prominent real estate developers involved include Wadhwa Buildcon LLP, Housing Development & Infrastructure Ltd (HDIL), Man Infraprojects, RNA Corp, and Lavasa Corp, among others.
MahaRERA has been vigilant in monitoring real estate projects and verifying the status of these projects to ensure transparency. The authority has published the list of insolvent projects on its website, urging potential buyers to review it before making any purchasing decisions. This follows a similar list released in April 2023, which proved helpful to many homebuyers.
Manoj Saunik , Chairman, MahaRERA emphasised the importance of safeguarding homebuyers' investments and preventing them from falling into deceptive deals.
The insolvent projects are spread across various regions in Maharashtra, including Mumbai, Pune, Thane, Palghar, Solapur, and Nagpur, with varying levels of investment and bookings.
Homebuyers are urged to check MahaRERA's updated list to avoid potential financial risks.
(ET)
