There are over 300 housing projects in Maharashtra undergoing insolvency, and over three-fourths of them are in and around Mumbai, according to the data collected by the Maharashtra Real Estate Regulatory Authority (MahaRERA).
MahaRERA, under Ajoy Mehta, is cracking down on errant real estate developers who are delaying the projects or home buyers who are not kept informed about the project status and those selling the stalled project properties. With MahaRERA micro-controlling all the projects, the agency collects information from all the sources.
Of the 308 housing projects dragged to the insolvency court by the lenders and creditors, 115 are ongoing, while the rest lapsed. The ongoing projects are those where some other developers may have stepped in to complete them. For instance, Godrej Properties has stepped in as the development manager for Modella Textiles Industries’ project in Thane.
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The lapsed projects are those where no construction is taking place and have been abandoned. The data has names such as Neptune Developers, Housing Development & Infrastructure, Lavasa Corp and Nirmal Lifestyle.
As per the state’s regulator data, among the ongoing projects, over half of the houses were registered in 32 of them. Among the lapsed projects, there are 150 projects where over half of the residences are registered. Among 83 ongoing projects and 43 completed projects, less than half have houses registered.
MahaRERA has collected the information available with the National Law Tribunal and has put it up on its website to avoid homebuyers getting cheated. According to the regulator, since none of these projects provided information on sales, purchases, and registrations, it was unclear whether these projects were still accepting new customers.
The data showed that the maximum numbers of lapsed projects are in Pune, Mumbai, and Thane.