Complaint Adjourned Sine Die

The complaint, filed by Durga Amitava Ghosh and Amitava Ghosh (Complaint No. CC006000000197786), sought relief against HDIL. However, during the hearing on December 16, 2024, the developer requested that the matter be kept in abeyance, citing the ongoing CIRP initiated by the National Company Law Tribunal (NCLT) on August 20, 2019. As per Section 14 of the IBC, a moratorium is in place, preventing the initiation or continuation of legal proceedings against the corporate debtor.

Homebuyers’ Plea Falls Short

The complainants argued that despite the CIRP, MahaRERA could still grant relief to allottees, citing the Supreme Court’s judgment in the Pioneer Urban Land and Infrastructure Ltd. case. They emphasized that homebuyers are treated as financial creditors under the IBC, granting them the right to continue pursuing their claims.

However, the MahaRERA authority, presided over by Ravindra Deshpande, Member II, upheld the moratorium and adjourned the complaint sine die (without a specified date for resumption) in the order issued on March 4, 2025. The complainants were advised to approach MahaRERA after the insolvency process concludes if they still seek redressal.

A Ray of Hope for Homebuyers

While the complaint remains on hold, the authority has instructed the respondent to facilitate the complainants in filing their claims within the CIRP framework. This development leaves homebuyers in a state of uncertainty as they await the outcome of HDIL’s insolvency resolution.

The Long Road Ahead

HDIL, once a prominent real estate developer, has been embroiled in financial troubles since 2019. The insolvency proceedings have put several projects and investments on hold, leaving numerous homebuyers and creditors uncertain about the fate of their investments.

As the resolution process continues, affected homebuyers are left hoping for a favorable outcome that can revive stalled projects and ensure justice for those who invested their hard-earned money.

The post HDIL Insolvency Proceedings Stall MahaRERA Complaint – Homebuyers Left in Limbo appeared first on Square Feat India.

These projects, registered with MahaRERA, include 56 ongoing, 194 lapsed, and 64 completed projects. The insolvency actions have been initiated by banks, financial institutions, and other creditors.

MahaRERA reports that significant investments have been made across these projects. Among the ongoing projects, approximately 34% of the apartments are registered. The lapsed projects have an average registration of over 61%, while the completed projects boast a registration rate of 84%.

To ensure transparency, MahaRERA has taken several measures to verify project statuses, compiling this list from various sources. This initiative aims to alert and guide homebuyers, encouraging them to consult the list before making any purchases.

Data Box:

• Total Projects Under NCLT: 314
• Ongoing Projects: 56 (34% registered)
• Lapsed Projects: 194 (61% registered)
• Completed Projects: 64 (84% registered)
• Regional Breakdown:
• Mumbai Region: 236 projects
• Pune: 52 projects
• Haveli: 9 projects
• Ahmednagar: 5 projects
• Solapur: 5 projects
• Nashik: 3 projects
• Nagpur: 2 projects
• Ratnagiri: 1 project
• Chhatrapati Sambhajinagar: 1 project

MahaRERA Speaks:
Chairman Manoj Saunik stated, “MahaRERA is consistently working to ensure that homebuyers’ investments remain safe and protected. The list of 314 projects undergoing insolvency is part of our efforts to alert homebuyers and prevent them from getting deceived.”

In April 2023, MahaRERA had released a similar list of 308 projects, which proved beneficial to numerous homebuyers. The authority urges all prospective buyers to review the current list before proceeding with any property purchases.

Also Read: Recovery Warrants Worth Rs 544 Cr Issued by MahaRERA

The post 314 Housing Projects in Maharashtra Facing Insolvency appeared first on Square Feat India.

OF the 308 projects, 233 projects are in the Mumbai Metropolitan Region (MMR), this data is according to a list compiled by the Maharashtra Real Estate Regulatory Authority (MahaRERA).

MahaRERA, 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, has published this information with names of the projects on their website, this is 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,” read a statement issued by MahaRERA.

By clicking here you can have a look at this list, and save your investments.

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.

Also Read: 16,000 builders sent show-cause notice by MahaRERA

The post Check This List before buying a Home in Mumbai appeared first on Square Feat India.