Important Update: 88 Real Estate Projects in Maharashtra Listed for De-registration. Act Now! Homebuyers Have 15 Days to Raise Objections
The latest development in Maharashtra's real estate sector as 88 projects are listed for de-registration. Act quickly as homebuyers are given a 15-day window to raise objections and protect their interests
Team PB
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released a list of 88 projects submitted by various developers for de-registration. Some prominent developers, including Hubtown and Ashwin Sheth, have applied for de-registration of their projects such as Solaris 14 floor in Andheri and Hubtown Siddhi in Thane, as well as Sheth Vasant Lawns in Thane.
Interested parties, such as homebuyers, have been given a 15-day period to raise objections to the de-registration by sending an email to secy@maharera.mahaonline.gov.in.
MahaRERA had earlier issued a notification on February 10, allowing developers to apply for de-registration of projects under certain conditions. So far, they have received responses from developers regarding 88 projects. These projects are spread across different locations, with the majority in Pune (39), followed by Raigad (15), Thane (8), Mumbai City (4), and others.
The decision to allow de-registration of projects is based on various factors such as lack of funds, family disputes, litigation, project viability, and changes in government planning authority notifications. MahaRERA understands that in such situations, developers may be unable to carry out the registered projects and thus permits de-registration.
For a project to be considered for de-registration, the developer must meet certain conditions, especially in cases where bookings have been made. The promoter must settle the rights of the allottees and provide relevant documents as proof.
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In cases where a project is executed in phases and a developer wishes to de-register certain phases that may impact the homebuyers, the developer must obtain consent from at least two-thirds of the allottees before applying for de-registration with MahaRERA.
The official also highlighted that objections may arise if the developer seeks to de-register the final phase of a project, which typically includes amenities, as homebuyers may be affected.
