MahaRERA Lists 314 Housing Projects Under Insolvency to Alert Homebuyers
MahaRERA has listed 314 housing projects facing corporate insolvency resolution at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016, on its website. Out of these, 56 are ongoing, 194 have lapsed, and 64 are completed projects. The majority of these projects, 236, are located in the Mumbai region, followed by 61 in Pune, with smaller numbers in Ahmednagar, Solapur, Nashik, Nagpur, Ratnagiri, and Chhatrapati Sambhaji Nagar. What is particularly concerning is that 34% of apartments in ongoing projects and 61% in lapsed projects have already been registered with buyers, indicating potential risk for homebuyers.
MahaRERA officials highlighted the importance of this compiled list, which was verified from NCLT's website, to safeguard homebuyers from making ill-informed investments in projects undergoing insolvency or bankruptcy. By making this information publicly available, MahaRERA aims to alert potential buyers and prevent them from being deceived. Legal experts have also endorsed this move, emphasising that the list will help homebuyers avoid poor investment decisions.
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