The Maharashtra Real Estate Regulatory Authority (MahaRERA) has gathered data indicating that more than 300 housing projects in Maharashtra are undergoing insolvency, with over 75% of them located in and around Mumbai.
Under the leadership of Ajoy Mehta, MahaRERA is taking strict action against real estate developers who are causing delays in projects, failing to keep home buyers informed about project status, and selling stalled project properties. MahaRERA exercises meticulous control over all projects and collects information from various sources.
Out of the 308 housing projects that have been taken to the insolvency court by lenders and creditors, 115 are still ongoing, while the remaining have lapsed. The ongoing projects are those where other developers have taken charge to complete them. For example, Godrej Properties is acting as the development manager for Modella Textiles Industries' project in Thane.
The lapsed projects are those that have been abandoned and where no construction is currently underway. The list of such projects includes names such as Neptune Developers, Housing Development & Infrastructure, Lavasa Corp, and Nirmal Lifestyle, among others.
Data from the state regulatory authority indicates that more than half of the registered houses in ongoing projects are concentrated in 32 of them. In the case of lapsed projects, over half of the residences are registered in 150 projects. Less than half of the ongoing projects (83) and completed projects (43) have registered houses.
To prevent homebuyers from being deceived, MahaRERA has obtained information available from the National Law Tribunal and posted it on its website. The regulator noted that since none of the projects provided information on sales, purchases, and registrations, it was unclear whether these projects were still open to new customers.
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