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Earlier this month, officials announced that the Maharashtra Real Estate Regulatory Authority (MahaRERA) has
granted permission to deregister two projects out of the 60 applications received in the state. In February, the authority
issued an order permitting developers to deregister their projects under specific conditions. This decision was made
due to the challenges faced by developers in initiating and completing building construction.
According to the order issued on February 10, the MahaRERA allows the deregistration of real estate projects that
have no homebuyers. However, if there are homebuyers involved, deregistration will only be considered if the
developer settles the rights and claims of these homebuyers. While two developers have been granted permission to
deregister under the aforementioned conditions, the remaining 58 applications are currently being examined.
Homebuyers expressed their expectations regarding the deregistered projects. They demanded that the MahaRERA
website clearly indicate the status of deregistered projects and that notices be displayed at the construction sites.
Advocate Godfrey Pimenta, trustee of the Watchdog Foundation, stated, "The authority should ensure that developers
provide explanations for not proceeding with the project on their website and also display the same information at the
construction sites."
Advocate Manjunath Kakkalameli acknowledged the MahaRERA's efforts to strike a balance between recognizing
commercial realities that may require deregistration and safeguarding the interests of homebuyers. "The authority has
managed to strike a balance by acknowledging commercial realities that may necessitate de-registration while also
safeguarding the interest of allottees," he explained.
Ramesh Prabhu, chairperson of the Maharashtra Societies Welfare Association, emphasized the authority's role as the
administrator of the project and its power to regulate real estate projects. He commended the MahaRERA for enabling
developers to exit for genuine reasons through a circular. "Utilizing this power, the MahaRERA has issued a circular
enabling developers to exit for genuine reasons," he stated.
Tarita Shankar, another homebuyer, proposed that the MahaRERA consider issuing notices to all homebuyers and
stakeholders, including financial institutions, regarding the filing of deregistration applications. This would allow
aggrieved individuals to intervene accordingly.
Currently, there are a total of 40,769 registered projects in the state, with 12,151 projects already completed, according
to MahaRERA data.
This story was first published in ET Realty
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