Over 300 projects faces insolvency proceedings in Maharashtra
Real Estate

Over 300 projects faces insolvency proceedings in Maharashtra

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a warning to home buyers about 308 property developments in key property markets such as Mumbai and Navi Mumbai. Thane, Pune, and the rest of Maharashtra are undergoing insolvency or bankruptcy procedures.

Several banks, financial institutions, and other lenders have filed insolvency proceedings against the projects with the National Company Law Tribunal (NCLT).

The authority has underlined that 115 of these 308 initiatives are continuing, and that more than 50% of the inventory in 32 projects has been sold and registered. Although the registration of the remaining 193 projects has lapsed, and up to 50% of the merchandise in up to 150 of these projects has been sold and registered.

Less than half of the inventory is sold and recorded for the 83 ongoing projects and 43 completed projects.

Before making any decision, homeowners should conduct adequate due diligence and review the list of these projects on the MahaRERA portal. The list of these initiatives is published on the regulator's website as NCLT projects.

This list includes developer projects by Housing Development & Infrastructure Ltd (HDIL), Lavasa Corp, Radius Infra Holdings, Wadhwa Buildcon, DS Kulkarni Developers, RNA Corp, Shah Group Builders, Neev Group, and Marvel Realtors.

As part of the Close Monitoring System's permission, the regulator has begun to assess the projects that have been filed since its commencement.

It has also been assessing significant housing projects in the state for inconsistencies in spending and actual project completion status, and has recently red-flagged 313 such projects.

The authority has chosen a financial audit firm to analyze projects involving a large number of buyers and investors in order to ensure microcontrol.

As of January, MahaRERA had served show cause letters on 19,500 projects for failing to update project information as required by Section 11 of the Real Estate (Regulation and Development) Act 2016.

The regulator has begun to take steps to micromanage all projects. To accomplish this, it not only analyzes the material provided by developers on the MahaRERA website, but also attempts to comprehend the project's status from other sources.

The updated list of insolvent real estate projects is based on information received through the NCLT portal.

Because these projects have not been submitting or updating information about new registrations, bookings, and sales with MahaRERA on a quarterly basis, it is unclear whether they are still admitting new clients, according to the state real estate regulator.

MahaRERA has posted this full list on its website to ensure transparency and alert homebuyers.

A total of 100 of these 308 projects are located in Thane district, with the remaining 83 in Mumbai suburbs and 15 in Mumbai city. This list also includes 63 projects in the Pune district. This list also includes the districts of Palghar (19), Raigad (15), and Ahmednagar (5).

See also:
MahaRERA extends deadline for completion of 8 projects in Mumbai
Homebuyers ask MahaRERA for redress due to developers' non-compliance


Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a warning to home buyers about 308 property developments in key property markets such as Mumbai and Navi Mumbai. Thane, Pune, and the rest of Maharashtra are undergoing insolvency or bankruptcy procedures. Several banks, financial institutions, and other lenders have filed insolvency proceedings against the projects with the National Company Law Tribunal (NCLT). The authority has underlined that 115 of these 308 initiatives are continuing, and that more than 50% of the inventory in 32 projects has been sold and registered. Although the registration of the remaining 193 projects has lapsed, and up to 50% of the merchandise in up to 150 of these projects has been sold and registered. Less than half of the inventory is sold and recorded for the 83 ongoing projects and 43 completed projects. Before making any decision, homeowners should conduct adequate due diligence and review the list of these projects on the MahaRERA portal. The list of these initiatives is published on the regulator's website as NCLT projects. This list includes developer projects by Housing Development & Infrastructure Ltd (HDIL), Lavasa Corp, Radius Infra Holdings, Wadhwa Buildcon, DS Kulkarni Developers, RNA Corp, Shah Group Builders, Neev Group, and Marvel Realtors. As part of the Close Monitoring System's permission, the regulator has begun to assess the projects that have been filed since its commencement. It has also been assessing significant housing projects in the state for inconsistencies in spending and actual project completion status, and has recently red-flagged 313 such projects. The authority has chosen a financial audit firm to analyze projects involving a large number of buyers and investors in order to ensure microcontrol. As of January, MahaRERA had served show cause letters on 19,500 projects for failing to update project information as required by Section 11 of the Real Estate (Regulation and Development) Act 2016. The regulator has begun to take steps to micromanage all projects. To accomplish this, it not only analyzes the material provided by developers on the MahaRERA website, but also attempts to comprehend the project's status from other sources. The updated list of insolvent real estate projects is based on information received through the NCLT portal. Because these projects have not been submitting or updating information about new registrations, bookings, and sales with MahaRERA on a quarterly basis, it is unclear whether they are still admitting new clients, according to the state real estate regulator. MahaRERA has posted this full list on its website to ensure transparency and alert homebuyers. A total of 100 of these 308 projects are located in Thane district, with the remaining 83 in Mumbai suburbs and 15 in Mumbai city. This list also includes 63 projects in the Pune district. This list also includes the districts of Palghar (19), Raigad (15), and Ahmednagar (5). See also: MahaRERA extends deadline for completion of 8 projects in MumbaiHomebuyers ask MahaRERA for redress due to developers' non-compliance

Next Story
Real Estate

Hawaii Aims to Stabilise Property Insurance Amid Climate Disasters

Hawaii lawmakers have opened the legislative session with a commitment to address the state's unstable property insurance market, exacerbated by hurricanes, wildfires, and climate change-related disasters. Rising reinsurance costs due to global catastrophes, including Florida and North Carolina hurricanes and California wildfires, are driving insurers to hike rates or withdraw from Hawaii. Senate President Ron Kouchi highlighted that Hawaii's designation as a disaster-prone state worsened after the August 2023 Maui wildfires. Adding to the crisis, recent Los Angeles wildfires have caused ..

Next Story
Real Estate

GuocoLand Secures S$1.24 Billion Green Loans

GuocoLand, a leading real estate group, announced securing two green loans totalling S$1.24 billion (approximately $907.8 million) from DBS Bank and Oversea-Chinese Banking Corporation (OCBC).The loans include a S$1.14 billion facility, GuocoLand's largest green loan to date, for refinancing its flagship mixed-use development, Guoco Midtown. Additionally, S$105 million has been allocated to refinance the Midtown Bay luxury residential project.These loans were obtained under GuocoLand’s green finance framework, which supports refinancing of projects designed to generate significant environmen..

Next Story
Infrastructure Urban

MCG to Address Illegal C&D Waste Dumping in Gurugram

The Municipal Corporation of Gurugram (MCG) has directed the removal of construction and demolition (C&D) waste dumped along Rajesh Pilot Road and Golf Course Road Extension. The order was issued by MCG Additional Commissioner Mahavir Prasad during a samadhan camp held, following complaints from residents of Sector 55.Residents highlighted the unauthorised dumping of debris on vacant plots, which they said was causing pollution and creating unsanitary conditions in the area. Prasad acknowledged that the issue posed environmental and health risks, as well as being an eyesore, and assure..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000