Maharashtra RERA warns homebuyers aganist 314 housing projects undergoing insolvency

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cautioned homebuyers against buying any properties in a total 314 projects registered with the authority that are undergoing proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016. Various banks, financial institutions, and other entities extending line of credit to the real estate sector have initiated the Corporate Insolvency  Insolvency Resolution Process (CIRP) against these companies. In these 314 projects, significant investment has already been made. Of them, 56 are ongoing projects with an average registration of apartments at over 34%. Some of the projects of realty developers including Wadhwa Buildcon LLP, Housing Development & Infrastructure Ltd (HDIL), Man Infraprojects, RNA Corp, Radius & Deserve LLP, Karrm Infrastructure, Man Realty, Lavasa Corp, Richa India Infra Development, Rashmi Housing, Nirmal Lifestyle, and Sheltrex Karjat. In Solapur, all the 5 projects have 87% investment. In Nagpur, both the projects have 60% investment and the sole lapsed project in Chhatrapati Sambhajinagar is 55% invested. Of the 56 ongoing projects, 21 are from Mumbai suburbs with 38% bookings, 20 in Thane 28% sales, 6 in Mumbai City with 31% bookings, and 5 in Pune with 41% sales.
 

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