The state real estate regulatory authority has cautioned homebuyers against purchasing properties in 314 projects registered with the authority that are currently undergoing proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016. Various banks, financial institutions, and other credit providers to the real estate sector have initiated the Corporate Insolvency Resolution Process (CIRP) against these companies.

In these 314 projects, significant investments have already been made. Of them, 56 are ongoing projects with an average registration of apartments at over 34%.

In certain cities, all ongoing or lapsed projects have high investment levels—for example, in one city, all five projects have 87% investment; in another, two projects have 60% investment, and the sole lapsed project in a third city is 55% invested.

Of the 56 ongoing projects, 21 are in the suburbs of a major city with 38% bookings, 20 in a neighboring city with 28% sales, 6 in the main city with 31% bookings, and 5 in another major city with 41% sales.

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