Mumbai: In a concerning development, 314 housing projects in Maharashtra, registered under MahaRERA, are currently undergoing insolvency and bankruptcy proceedings, largely due to the ongoing economic slowdown and rising inflation. This crisis has primarily impacted projects in the Mumbai Metropolitan Region (MMR), which includes Mumbai and Thane.
According to the latest data from the National Company Law Tribunal (NCLT), of the 314 projects affected, 56 are ongoing, with an average registration rate of over 34%. Another 194 projects have lapsed, with over 61% of apartments registered. Meanwhile, 64 completed projects boast an 84% registration rate. However, it remains unclear if these financially troubled projects are still accepting new buyers.
The housing sector has been hit hard by stagnant sales, rising construction costs, and financial difficulties among developers, with many projects now in various stages of insolvency. High-profile developments like Godrej Alive in Mulund, Lokhandwala-Kataria’s Minerva, and multiple ventures from HDIL are part of this list. MahaRERA has urged potential buyers to verify the insolvency status of these projects through the updated list on its website to avoid being misled.
MahaRERA Chairman Manoj Saunik reiterated the regulator’s commitment to protecting homebuyers and ensuring transparency in the sector. The updated list, first published in April 2023, serves as a critical tool for prospective buyers to make informed decisions and safeguard their investments.
With the growing number of distressed projects, homebuyers in Maharashtra remain vigilant, relying on MahaRERA’s continued efforts to bring accountability to the real estate market.
