Protecting Homebuyers: A New Initiative by MahaRERA

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released a comprehensive list of 314 registered projects currently facing insolvency proceedings under the National Company Law Tribunal (NCLT). This initiative aims to protect homebuyers from potential fraud and provide transparency in the real estate market.

The Scope of the Crisis: Key Statistics

Among the 314 projects listed, significant investments have been made. Of these, 56 projects are ongoing, with an average registration rate exceeding 34%. Meanwhile, 194 projects are completed with a registration rate of over 61%, and 64 projects have been fully completed, boasting an impressive registration rate of 84%.

MahaRERA’s Vigilance Measures

MahaRERA is actively monitoring all real estate projects. The authority verifies information provided by developers and stays informed about project statuses through multiple sources. The list of projects undergoing NCLT proceedings has been compiled from various sources and cross-verified with relevant officials to ensure accuracy.

Chairman’s Commitment to Homebuyers

Chairman Manoj Saunik emphasized the authority’s commitment to safeguarding homebuyers’ investments. He stated, “MahaRERA has compiled critical information on projects undergoing insolvency proceedings, confirming it through the NCLT’s website. This comprehensive list aims to alert buyers and prevent deception.” He encouraged potential buyers to consult this list before making property purchases.

Regional Insights: Investment Trends

The report highlights significant investment trends across various regions. In suburban Mumbai, 51 of 88 projects have seen 70% investment, while Pune has 45 out of 50 projects booked at 75%. Thane reflects 50% investment in 52 projects, and Palghar shows 74% bookings in 16 out of 18 projects.

In Solapur, all five projects exhibit an impressive 87% investment. Nagpur and Chhatrapati Sambhajinagar also show solid investment figures, with 60% and 55%, respectively.

A Call for Transparency

MahaRERA’s list serves as a critical tool for transparency in the real estate sector, helping to guide potential buyers and prevent further losses. The authority urges all homebuyers to check this list before making any decisions, ensuring informed investments in the face of ongoing economic challenges.