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MahaRERA permits developers to deregister their project subject to T&C

With a few requirements that the developer must meet, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued an order officially permitting developers to proceed and deregister a real estate project.

According to the MahaRERA order, one of the Authority's (MahaRERA) responsibilities under Section 34 of the RERA Act is to register and regulate real estate projects and real estate agents who are registered under the Act. However, there are some cases where developers who have registered their real estate projects are unable to start and finish the projects' construction. 

The MahaRERA has cited several grounds for developers to deregister a real estate project, including a lack of cash, economically unviable projects, lawsuits filed, disputes/family issues, and changes in planning government/planning authority announcements.

In accordance with the MahaRERA decision, in such circumstances, MahaRERA may permit the de-registration of such real estate projects after receiving an application from the promoters and reviewing it. 

Only those real estate projects meeting the requirements outlined by MahaRERA for enabling deregistration. Ideally, the project must not have any allottees (homebuyers). If there are homebuyers, deregistration will only be taken into consideration if the developer has resolved all their rights and claims. 

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