83 Ongoing Housing Projects In Mumbai Referred to NCLT for Insolvency and Bankruptcy
Mumbai, 26th April 2023: The real estate regulatory authority in Maharashtra, Maharera, has taken steps towards increasing transparency and accountability in the real estate sector.
The agency has closely examined the information provided by developers on its website, which has led to the discovery that 308 projects registered with Maharera have been referred to the National Company Law Tribunal (NCLT) for insolvency and bankruptcy.
This news is concerning, as out of the 308 projects, 115 are ongoing, and more than 50% of 32 of these ongoing projects have been registered. The remaining 193 projects have lapsed, and more than 50% of these projects have been registered in 150 projects. Additionally, out 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. To ensure transparency in transactions and alert consumers to avoid cheating, Maharera has published a list of these projects on its website.
It is important 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 in their current state. Thus, consumers should carefully review this list before making any decision.
The 308 projects are located in various districts of Maharashtra. Thane district has the highest number of projects with 100, followed by 83 projects in Mumbai suburbs, 63 projects in Pune district, 19 projects in Palghar, 15 projects in Raigad, 5 projects in Ahmednagar, 4 projects in Solapur, and one project each in Chhatrapati Sambhajinagar, Ratnagiri, Nagpur, and Sangli districts.
Among the 115 ongoing projects, 50 are in Thane, 31 in Mumbai suburbs, 10 in Mumbai city, eight in both Pune and Raigad, two in Palghar, and one in Solapur. The lapsed projects, which total 193, include 55 in Pune, 52 in Mumbai suburbs, 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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