MahaRERA deregisters three projects in Mumbai, one in Pune, Real Estate News, ET RealEstate
A Maharashtra Real Estate Regulatory Authority (MahaRERA) official said deregistration of a project was allowed for reasons such as lack of funds, litigation, disputes including family quarrels, changes in notifications by government or planning authorities and lack of economic viability.
The official said 170 projects, including 63 from Pune, from across the state had applied for deregistration of projects in August. “We will hear the rest of the applications. The projects are under scrutiny and the hearing process is on,” the official said.
Another MahaRERA official said all the seven orders related to deregistration had been put on the MahaRERA website. After the deregistration order, MahaRERA has told the developers not to advertise, market, book, sell or offer for sale and invite person/s to buy apartments in all the seven projects.
In February 2023, MahaRERA allowed deregistration of projects that were unviable, in financial trouble and had a poor response.
Credai national vice president Sunil Furde said the move was a good option and it would help homebuyers to exit the projects. “As long as claims are settled, there is no issue,” he told TOI. Mumbai Grahak Panchayat chairman Shirish Deshpande told TOI that there should be transparency while deregistering a project.
“Consumer bodies should be intimidated or at least there should be enough advertisement regarding the cause of deregistration of the project. The developers concerned should not be allowed to develop the same project in any other or more lucrative form.”