The Maharashtra Real Estate Regulatory Authority (MahaRERA) recently took a significant step in its efforts to regulate the real estate sector. Now, it has extended the deadline for comments and complaints regarding project deregistration until July 2.
This move comes in response to a proposal received by MahaRERA to deregister a total of 88 projects. MahaRERA had requested recommendations and objections to the proposal to ensure transparency and accountability.
However, as of now, no recommendations or protests have been received for the 88 projects. Consequently, the authority decided to extend the timeline. It has also added 19 more projects to the list. This has brought the total number of projects to 107.
Many well-known developers' projects are also on the deregistration list. Projects such as Ashwin Sheth's Sheth Vasant Lawns in Thane, Hubtown's Solaris 14 Floor in Andheri, and Hubtown Siddhi in Thane are among those included.
The projects seeking deregistration are spread across various areas, including Pune, Raigad, Thane, Mumbai City, Sindhudurg, Palghar, Nashik, Nagpur, Chhatrapati Sambhaji Nagar, Satara, Mumbai Suburb, Kolhapur, Nanded, Latur, Ratnagiri, and Dadra Nagar Haveli.
The decision to permit deregistration is based on the challenges faced by developers in completing their projects. These challenges can range from a lack of funds and family disputes to litigation, feasibility issues, or changes in government planning authority.
MahaRERA allows developers to apply for deregistration under specific conditions. Projects with bookings can be considered for deregistration if the developer fulfils the prerequisites of the allottees. Proper documentation is required to verify compliance with these conditions.
The deregistration process is not limited to entire projects. If a project is completed in phases and the developer wishes to deregister specific phases, they must obtain consent from 66 per cent of the allottees for the process to proceed.
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