MahaRERA Records 19 New Deregistrations

26 Nov 2024 CW Team

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has received deregistration applications for 19 additional projects, including prominent developments like Lokhandwala’s project at Worli Naka and Lodha’s project in Dombivli. These new applications contribute to a growing trend, bringing the total deregistration requests to approximately 400 across the state.

Deregistration is typically sought in cases involving zero bookings, financial difficulties, project infeasibility, or new planning authority notifications affecting the project. MahaRERA has approved the deregistration of around 200 projects to date, with others under review. To ensure transparency, the authority has published the list of the 19 projects on its official website to alert potential home buyers.

Promoters seeking deregistration must meet specific criteria, including zero bookings in the affected project or part thereof. If deregistration impacts other phases of a larger project, the consent of two-thirds of existing allottees is mandatory. MahaRERA carefully scrutinizes applications, verifying accounts and CA certifications, and ensures that home buyer interests remain protected before granting approvals.

The deregistration policy, introduced in February last year, allows developers to exit projects that are economically unviable, financially constrained, or hindered by legal disputes and regulatory changes. MahaRERA emphasizes that stalled projects benefit no stakeholders, and deregistration can help reallocate resources more effectively.

Homebuyers or other stakeholders can challenge deregistration decisions through complaints, which MahaRERA addresses promptly. The regulatory body also enforces binding conditions on promoters post-deregistration to maintain accountability.

This initiative highlights MahaRERA’s efforts to balance the interests of developers and homebuyers while addressing challenges within the real estate sector.

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