MahaRERA said it has started taking steps for micro control of all the affected projects.

A total of 308 real estate projects are undergoing insolvency proceedings at the National Company Law Tribunal (NCLT) in Maharashtra, of which 233 projects are in the Mumbai Metropolitan Region (MMR), according to a list compiled by the Maharashtra Real Estate Regulatory Authority (MahaRERA).

MahaRERA, in a statement on April 26, said that it has started taking steps for micro control of all the projects, and as part of the same, it sourced the list of such projects under insolvency from the website of NCLT.

As per the information on the NCLT website collated by MahaRERA, various banks, financial institutions, and other credit providers have initiated insolvency proceedings against 308 real estate projects in Maharashtra.

MahaRERA, in the statement, said, "We have published this information with names of the projects on our website to ensure transparency and alert homebuyers to avoid being cheated. Hence, we are appealing to the citizens that they should go through this list before making a decision about home purchase."

Where are the projects?

According to MahaRERA, out of the total 308 projects under insolvency, 115 are ongoing, while registrations for 193 projects have lapsed.

Of the total 308 projects, 233 are in MMR, 63 in Pune, while Ahmednagar has five such projects, followed by four projects in Solapur, and one each in Ratnagiri, Chhatrapati Sambhaji Nagar, and Nagpur.

According to MahaRERA, out of the 115 ongoing projects, 32 have more than 50 percent booking, while 150 of the lapsed projects (out of the total of 193) have more than 50 percent booking.

‘Regulatory oversight of MahaRERA will increase’

Speaking at an event on April 18, Ajoy Mehta, Chairman of MahaRERA, had said, "The regulatory oversight of MahaRERA will increase now on. We are analysing all submissions by developers, and are going into the details. In the recent past, we have also sent notices to many developers.”

Nowadays, homebuyers approaching the NCLT and the courts have said that homebuyers are secured creditors, added Mehta.

“However, at a later stage, when the Insolvency and Bankruptcy Code is invoked, developers may not pay compensation to homebuyers. The RERA Act gives homebuyers the principal amount, interest and all possible compensation. Hence, there is a need to harmonise NCLT and RERA," Mehta had said.