Maharashtra
314 Housing Projects In Maharashtra Under Insolvency Proceedings: MahaRERA
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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has informed that a total of 314 projects registered with the Authority are undergoing proceedings at the National Company Law Tribunal (NCLT) under the insolvency and bankruptcy code. The real estate regulator has published the list on its website to prevent homebuyers from getting deceived.
The insolvency and bankruptcy proceedings have been initiated by various banks, financial institutions, and other entities extending line of credit to the real estate sector.
Among these 314 projects, significant investment has been made. Of them, 56 are ongoing projects with an average registration of apartments at over 34%. Likewise, among the balance 194 projects that are lapsed, the average registration done is over 61%. The balance 64 projects have been completed, with a registration rate of 84% for the apartments.
MahaRERA has initiated several measures to keep a check of all real estate projects. Not only the information shared by the developers is verified, but also keeps itself abreast with project’s status through other sources. The list of projects facing proceedings in NCLT has been compiled based on information obtained from various sources and verified through the relevant authorities’ as well.
Stating that the Authority is consistently working to ensure that homebuyers’ investments remain safe and protected, MahaRERA Chairman Manoj Saunik said, “The MahaRERA has compiled this crucial information of the projects undergoing insolvency and bankruptcy proceedings from various sources and has also verified the same from NCLT’s website. A comprehensive and compiled list has been made public for the larger interest of the homebuyers. The list of 314 projects undergoing insolvency and bankruptcy is part of the efforts to alert the homebuyers and prevent them from getting deceived. In April 2023, MahaRERA had brought out a district wise list of 308 such projects, which proved to be helpful to several homebuyers. MahaRERA appeals to everyone to check this list prior to deciding on purchasing a property.”
About The Projects
Of the 88 projects in Suburban Mumbai, 51 are 70% invested. Similarly, in Pune, of the 50 projects, 75% of 45 projects are already booked. In Thane, 52 out of 106 projects have investments of 50%. In Palghar, 16 out of 18 projects are 74% booked.
In Solapur, all the 5 projects have 87% investment. In Nagpur, both the projects have 60% investment and the sole lapsed project in Chhatrapati Sambhajinagar is 55% invested.
Additionally, out of the 9 lapsed projects in Mumbai City, 2 of them already have an investment of 68%. In Nashik, there is 34% investment in all the 3 lapsed projects. Whereas, in Raigad, of the 15 lapsed projects, 13 are 32% invested.
Of the 56 ongoing projects, 21 are from Mumbai suburbs (with 38% investment), 20 in Thane (28% investment), 6 in Mumbai City (31% investment), 5 in Pune (41% investment), 2 in Palghar (65% investment), 2 in Raigad (9% investment) and 1 in Ratnagiri (nil investment).
Among the 64 completed projects, 35 are in Thane and 18 in the Mumbai suburbs. Additionally, there are 9 projects in the Haveli area and 2 in Pune. The total percentage of registration done is 91% for housing projects in Thane, 87% of the apartments in Mumbai suburbs are registered, and 96% in case of projects in Pune. On an average, 84% of the apartments in all the completed projects have been registered.
It is unclear if these 314 projects undergoing insolvency and bankruptcy proceedings, are still accepting new customers. Hence, to ensure transparency and prevent homebuyers from getting deceived, MahaRERA has compiled the list and published it on its portal, as it is of the view that it will help in alerting and guiding people. MahaRERA has appealed to the homebuyers to go through the list prior to purchasing a home.
Maharashtra
Mega Block Alert: Local Trains to be Rerouted & Delayed On Feb 23 For Maintenance Work, Check Details
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Mumbai: Central Railway announced a major change in the UP and Down fast local trains in the Central route for February 23. Meanwhile, Western Railway also announced a major mega block on the line. The jumbo block is carried out for maintenance work on signals and tracks, which will lead to rerouting and delays in train schedules.
Central Railway Rerouting Details
On the Thane to Kalyan route, Down Fast and Semi-Fast local trains departing from Chhatrapati Shivaji Maharaj Terminus (CSMT) Mumbai will be diverted to the Down Slow line between Thane and Kalyan stations. These trains will have additional halts at Kalva, Mumbra, and Diva stations, which will result in a delay of approximately 10 minutes in reaching their destinations.
Similarly, Up Fast and Semi-Fast trains departing from Kalyan towards CSMT will be rerouted onto the Up Slow line between Kalyan and Thane stations. They will also halt at Diva, Mumbra, and Kalva before merging onto the Up Fast line at Mulund station, causing a delay of around 10 minutes.
Western Railway’s Five-Hour Jumbo Block
On the Western line, a significant five-hour Jumbo Block has been scheduled on February 23, between Santacruz and Goregaon stations. From 10:00 AM to 3:00 PM, both Up and Down Fast lines due to maintenance work of tracks, signalling systems, and overhead equipment.
Trans-Harbour Line
According to railway officials, there will be no block on the Uran and Harbour routes.
However, services on the Trans-Harbour line will be temporarily suspended. Up Trans-Harbour services from Panvel, Nerul, and Vashi towards Thane starting with the 10:25 AM departure from Vashi and the 4:09 PM departure from Nerul will remain non-operational. Likewise, Down Trans-Harbour services from Thane to Vashi, Nerul, and Panvel, running from 10:35 AM to 4:07 PM, will also be suspended during this period.
Maharashtra
Maha minority panel to seek shorter working hours for Muslim staff during Ramzan
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Mumbai, Feb 22: After Telangana and Andhra Pradesh permitted Muslim government employees to leave offices early during the fasting month of Ramzan, similar demands are now being raised in Maharashtra and other states.
Maharashtra Minority Commission Chairman Pyare Khan confirmed that the commission has received multiple applications requesting the state government to allow Muslim employees to leave work an hour early during Ramzan.
“We have received several requests from people asking for permission to leave offices an hour early during Ramzan. India is a great example of ‘Ganga Jamuna Tehzeeb,’ where people from different communities live together in harmony,” Khan told media.
He added that he plans to present this demand to Maharashtra Chief Minister Devendra Fadnavis through an official letter.
The demand follows orders issued by the Telangana and Andhra Pradesh governments, allowing Muslim employees, including teachers and contract workers, to leave work at 4 p.m. instead of the usual 5 p.m. from March 2 to March 30 to perform religious rituals.
“The government hereby permits all the employees who profess Islam, including teachers and persons hired on contract, out-sourcing basis, and Village/Ward Secretaries, to leave their offices/schools early by an hour before closing time on all working days during the Holy month of ‘Ramzan’ to perform necessary rituals,” read the Andhra Pradesh government order.
Similarly, the Telangana government order stated: “Government hereby permits all Muslim government employees/teachers/contract/out-sourcing/boards/corporations and public sector employees working in the state to leave their offices/schools at 4 p.m. during the holy month of Ramzan, i.e., from March 2 to 31, to offer necessary prayers, except when their presence is required due to exigencies of services.”
The demand is also gaining traction in Karnataka, where Pradesh Congress Committee (KPCC) Vice Presidents M.R.M. Hussain and Syed Ahmad recently wrote to Chief Minister Siddaramaiah, urging the state government to grant Muslim employees a one-hour exemption from duty to facilitate prayers and iftar.
However, the Karnataka government has yet to make a decision on the request.
disaster
Massive Fire Breaks Out At Residential Building In Mumbai’s Marine Lines
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Mumbai: A massive fire broke out in Mumbai’s Marine Lines on Saturday. The blaze rupted on the top floor of a residential building, Marine Chambers. The building is located near Gol Masjid.
The fire broke out at around 12.30 pm on Saturday. After receiving information, several fire tenders reached the spot. Senior officials also rushed to the place where the blaze erupted.
Visuals of the fire also surfaced online. In the video, an envelope of black smoke could seen billowing out of the building. This led to panic among the locals.
A firefighting operation is currently underway.
The reason for the blaze is not yet known. There are no reports of any injuries.
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