Pune’s Real Estate Sector Hit Hard With 63 Housing Projects In Insolvency Proceedings
Pune, 26th April 2023: Insolvency looms over 308 housing projects in Maharashtra, with 115 of them still ongoing and 193 already lapsed, according to information published by the Maharashtra Real Estate Regulatory Authority (Maharera). The Maharera has scrutinised the details from the National Company Law Tribunal (NCLT) website.
The NCLT found various banks, financial institutions, and other credit providers in the sector have initiated insolvency and bankruptcy proceedings against these 308 projects. These developments prompted Maharera to undertake micro-control measures for all the projects.
While 233 projects are located in the Mumbai metropolis, 63 are in Pune, and five in Ahmednagar, four in Solapur, and one each in Ratnagiri, Chhatrapati Sambhajinagar, Nagpur, and Sangli. Out of the ongoing projects, 32% had more than 50% registered, while only 50% or less were registered in the remaining. Meanwhile, more than 50% were registered in 150 of the 193 lapsed projects. Maharera published the list on its website to ensure transparency and consumer protection.
Maharera scrutinizes the information updated by the developers on the Maharera website and other sources to ensure that all project statuses are correctly presented. Maharera requires all projects to report on the number of registrations, purchases, and sales made every three months, and the agency is unclear whether these projects are still accepting new customers in their current situation.
Out of the 308 projects, 100 are located in Thane district, followed by 83 in Mumbai suburbs and 63 in Pune district. Palghar has 19 projects, Raigad 15, Ahmednagar five (A.No.291 to 295), Solapur four (A.No.179 to 182), Chhatrapati Sambhajinagar (A.No.1), Ratnagiri (A .No.269), Nagpur (A.No.148), and Sangli (A.No.284) districts, with at least one project in each of them.
The ongoing projects include 50 in the Thane area, 31 in Mumbai suburbs, 10 in Mumbai city, eight each in Pune and Raigad, five in Ahmednagar, two in Palghar, and one in Solapur. The number of lapsed projects is 193, with 55 in Pune, 52 in Mumbai Suburban, 50 in Thane, 17 in Palghar, seven in Raigad, five in Mumbai, and three in Solapur.
The publication of this list aims to inform and warn consumers about the risks of investing in these housing projects. Consumers are urged to review this list carefully and make informed decisions, Maharera has stated.
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