The MahaRERA has received applications for deregistration of another 19 projects, including a Lokhandwala project at Worli Naka and a Dombivli project of Lodha, across the state. So far, the MahaRERA had received applications for deregistration for about 400 projects.
The promoters seek deregistration of the projects in instances, where there is zero booking, financial problems, non-feasibility of a project and new notifications from planning authorities among others. The regulatory authority has put out the list of the 19 projects on its website to ensure home buyers are aware of it.Of the 400-odd projects, where the promoters have sought for de-registration of their projects, the MahaRERA has approved deregistration of about 200 projects, while the rest are in various stages. According to MahaRERA officials, the promoters seek deregistration of the projects in instances, where there is zero booking, or the promoters are facing financial problems, or the project is not feasible or are adversely affected by new notifications from planning authorities among others.
However, zero registration is required in the project or part of the project, which is being deregistered. If deregistration has an effect on other phases of the overall project, then the developer needs to get the consent of 2/3 allottees before seeking deregistration.
The MahaRERA, in February last year, had declared that promoters would be allowed to de-register the projects, if they are unable to commence and complete the construction of their projects and are not in a position to complete their project due to reasons such as, lack of funds, project becoming economically unviable, litigation, disputes and notifications by the planning authority, which affect the project, among others.
“After the promoter seeks for a deregistration, MahaRERA scrutinises the application and also looks at the accounts and CA certificates, it is only after the MahaRERA officials satisfy themselves that the home buyers interests are not affected, does the regulatory body approve the process of deregistration,” said MahaRERA official.“Promoters of real estate projects are unable to commence construction of the project or after commencement they are unable to complete it. It does not serve anybody’s purpose in keeping the projects registered. Therefore, the regulatory authority has allowed deregistration of the project” said a MahaRERA official.
However, any aggrieved person can file a complaint with regard to deregistration of the real estate project. These complaints will be heard by MahaRERA expeditiously by serving due notice to the promoter. Thereafter, the terms and conditions imposed by MahaRERA in the order shall be binding on the promoter.
