Some 31 real estate projects in Maharashtra spread across Mumbai, Pune, Nagpur, and Nashik have applied for deregistration of their real estate projects with the regulator Maharashtra Real Estate Regulatory Authority (MahaRERA).
Following this, MahaRERA has invited objections for the same. With this the total count of projects up for deregistration in Maharashtra goes up to 170.
This is in addition to the 139 such applications already received by MahaRERA in the past two months, according to MahaRERA officials.
Where are the projects?
In the fresh list for which objections was invited by MahaRERA, out of 31 real estate projects that are up for deregistration, 8 projects are from Mumbai Metropolitan Region (MMR), one each from Dadra and Nagar Haveli, Aurangabad, Nagpur, Satara, and Ratnagiri.
This is followed by 10 projects up for deregistration from Pune, two from Kolhapur, and six from Nashik, according to the MahaRERA list.
The objections were invited on August 14, and the regulator has given a period of 30 days for stakeholders to submit their objections.
Background
On June 2, MahaRERA had issued a list of 88 real estate projects for which several developers had applied for deregistration.
Also read: 6 things you need to know about proposed deregistration of 88 real estate projects in Maharashtra
The developers applying for deregistration included Kalpataru and listed company Arihant Superstructures. MahaRERA followed this up with another list of 19 projects on June 23, in which listed developers, including Macrotech Developers — also known as Lodha Group — and Arihant Superstructures had applied for deregistration.
Further, in July 2023, listed real estate developer Mahindra Lifespace Developers Limited had submitted an application to deregister the Maharashtra Real Estate Regulatory Authority (MahaRERA) registration for its 11 luxury villa projects in Alibaug, near Mumbai, along with developers of 21 other projects.
According to MahaRERA, they have not deregistered any projects yet for which objections were called in the last three months.
In February 2023, MahaRERA allowed the deregistration of projects that were unviable or were facing trouble. Only projects in which the claims of homebuyers or other concerned stakeholders have been settled can be deregistered.
When is deregistration allowed?
According to MahaRERA, deregistration is allowed due to several reasons such as lack of funds, projects not being economically viable, litigation, disputes including family disputes, and changes in government/planning authority notifications.
In such cases, keeping these projects registered with MahaRERA will not be useful, nor will it benefit any stakeholder, MahaRERA said in its February 2023 order.
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