The Maharashtra RERA has hinted at 308 real estate projects are on the brink of bankruptcy. Several bankers, financial institutions and other funding agencies have moved the Company Law Tribunal against these projects and filed insolvency petition before the Tribunal. In fact, most of these projects are located in areas including Mumbai, Navi Mumbai, Thane and Pune. Of the 308 projects, 115 projects are going on, while 50 per cent of the inventory in respect of 32 projects has been sold off. The registration period of the rest of the 193 projects has been completed. In fact, 50 per cent of the inventory in 150 projects has been sold off and the units have been registered. In this backdrop, the intending buyers should consult MahaRERA website before taking a decision to buy property.
