A total of 308 housing projects from across the state are fighting a legal battle at the National Company Law Tribunal (NCLT). Some of the prominent names include Wadhwa Buildcon, Lavasa Corporation, Nirmal Lifestyle, Neptune Developers, RNA Corp, Housing Development and Infrastructure Ltd, Guruashish Construction, Neev Infrastructure, Radius Infra Holdings, Lokhandwala-Kataria Construction, among others.
Of the 308 projects, 233 are from Mumbai, 63 in Pune, five in Ahmednagar, four in Solapur and one each in Ratnagiri, Sangli, Nagpur and Chhatrapati Sambhaji Nagar.
115 projects underway
As per data compiled by the Maharashtra Real Estate Regulatory Authority (MahaRERA), 115 projects are underway. These include 50 in Thane area, 31 in Suburban Mumbai, 10 in Mumbai City, eight each in Pune and Raigad, five in Ahmednagar, two in Palghar and one in Solapur.
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The number of lapsed residential projects stand at 193, which includes 55 in Pune, 52 Mumbai suburbs, 50 in Thane, 17 in Palghar, seven in Raigad, five in Mumbai city, three in Solapur, one each at Chhatrapati Sambhaji Nagar, Nagpur, Ratnagiri and Sangli districts.
Banks, vendors initiate insolvency proceedings against 308 projects
The consolidated list has been uploaded on MahaRERA portal for home buyers to check the legal standing of the errant developers.
Several banks, financial institutions and vendors have initiated insolvency and bankruptcy proceedings against these 308 projects in Maharashtra by approaching the NCLT.
A MahaRERA official said that as projects and their builders haven’t updated the mandatory details with the regulatory body pertaining to transactions done and sales made, it is not clear whether they are accepting new bookings even in such a financial state. He said, “Hence, the MahaRERA has published this comprehensive list on its website to ensure transparency in this transaction and to alert consumers to avoid getting cheated. We appeal to the public that they should have a look at this list and make an informed choice.”
