MahaRERA upholds Lodha stance

18 Jan 2023 CW Team

The Lodha Group and Terraform Realty Group, formerly known as the Everest Group, have been given permission by the Maharashtra Real Estate Regulatory Authority (MahaRERA) to market, advertise, and sell their joint venture project Lodha Bellevue in South Mumbai's Mahalaxmi area. As a result of a petition submitted by the Urban Infrastructure Venture Capital Fund, the regulator had previously held the registration of this project in limbo. (UIVCF) and had also forbidden the joint business from engaging in sales activities.

A complaint was made against real estate developers by the Urban Infrastructure Opportunities Fund (UIOF), a branch of the UIVCF, citing egregious violations of the Real Estate (Regulation and Development) Act, 2016.

Both Terraform Realty Group and Lodha Group run businesses in the J under the names Money Magnum Nest and Macrotech Developers, respectively.

Bradbury Mills, a 7-acre parcel of property near to Dagdi Chawl between Rippon Road and Haines Road in Mahalaxmi, is owned by Money Magnum Nest.

UIVCF and other investors put $3 million into three Everest Group projects in 2007-2008. The investors sued the developer for non-performance of these projects in arbitration in 2012–2013. Macrotech Developers and Money Magnum Nest had a contract to jointly develop this land that was signed in October 2021.

UIOF claimed a number of infractions were committed by the promoters in an earlier complaint and a letter to MahaRERA chairman Ajoy Mehta, demonstrating that the RERA registration was obtained through deceitful means.

The fund claimed that the project had only gained layout approval and that no building proposal had been filed to the civic authority; as a result, the project had not yet received commencement certificate (CC) and notification of disposal (10D) as of the registration date.

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