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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has given Mumbai based Macrotech Developers and Terraform Realty (Everest Group) permission to form a Joint Venture (JV) to market, advertise and sell their joint venture project Lodha Bellevue in Mahalaxmi, Mumbai. The registration of this project was put on hold following two pleas filled by Urban Infrastructure Venture Capital Fund (UIVCF). The fund claimed the developers procured a RERA registration number for the project without having the requisite approvals.
Macrotech Developers sells its real estate projects under the brand name Lodha. Everest Group operates under the brand name Terraform Realty and is engaged in real estate development in Mumbai City. Both companies came together in 2021 to develop residential and commercial projects in Mahalaxmi, Mumbai. The projects were scheduled to be built by Macrotech Developers on land owned by Terraform Realty Group’s entity Money Magnum Nest. UIVCF which is a part of Urban Infrastructure Opportunities Fund (UIOF) filled a complaint with MahaRERA authorities alleging gross violations by both developers of the provisions of the RERA Act 2016.
In 2007-08 UIVCF and others had invested approximately Rs 300 crores in three projects belonging to the Everest Group. Upon non-performance of these projects, the investors took the developer to court in 2012-13. UIOF believes that Everest Group has violated many rules under the RERA Act 2016 to obtain a RERA registration number for its project with Macrotech Developers. According to the fund, only a layout approval was submitted and not building approval. Also, the project hasn’t received any intimation of disapproval (IOD) and commencement certificate (CC) on the date of registration.
In October 2021, Marcotech Developers entered into a joint development agreement with Money magnum Nest to develop a 7acre land parcel by the name of Bradbury Mills, situated next to Dagdi Chawl between Rippon Road and Haines Road in Mahalaxmi, Mumbai. According to initial plans, two projects by the name of Lodha Bellevue and Lodha Signet were to be developed on the land parcel. Now, MahaRERA has deregistered the commercial project Lodha Signet following the promoter seeking to withdraw the same. With the MahaRERA dismissing the pleas filled, the company will go ahead with its marketing and sales plans.
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