The success rate of real estate project is decreasing as there is large scale of project and participation of entities. It is necessary to study the risk factors involved in the project. This paper focused on types of risks involved in the project, risk factors, risk management tools & techniques. Identification of risk of the project in terms of the total cost of the project has been divided under Technical, Financial, Socio political and Statutory cost centers. Large real estate projects have to tackle the following issues. land acquisition, skilled labour shortage, non availability of skilled project managers, and mechanization of the construction process to cater to the growing demands. Non availability of supporting infrastructure, political issues like instability of the government leading to regulatory issues, social issues, marketing forms an important part in these projects as this is a onetime investment and the purchase cycle is long, long development period makes the same project be at different points in the real estate value cycle. This paper leads to an analysis part of risk management on the basis of several analysis techniques, checklists, risk register, expert view etc. Qualitative & Quantitative assessment is carried out for risk involved in project. This study is useful for analyzing large scale real estate projects in Maharashtra, also suggest mitigation steps for different categories of risks.