Pune’s Real Estate Sector Hit Hard With 63 Housing Projects In Insolvency Proceedings
Out of the ongoing projects, 32% had more than 50% registered, while only 50% or less were registered in the remaining. Meanwhile, more than 50% were registered in 150 of the 193 lapsed projects.
While 233 projects are located in the Mumbai metropolis, 63 are in Pune
115 of them are still ongoing and 193 have already lapsed, according to information published by the Maharashtra Real Estate Regulatory Authority (Maharera).
The NCLT found various banks, financial institutions, and other credit providers in the sector have initiated insolvency and bankruptcy proceedings against these 308 projects.
These developments prompted Maharera to undertake micro-control measures for all the projects.