Real estate developers in Maharashtra, including Lodha Group, K Raheja Corp, Puranik, and Lokhandwala Infrastructure, have applied for the deregistration of up to 19 projects in cities like Mumbai, Thane, Pune, Nashik, and Nagpur.
Out of the 19 real estate projects, three are up for deregistration by Lodha Group or Macrotech Developers and Palava Dwellers Private Limited in Thane district, three are by K Raheja Corp in Pune district, and one is by Lokhandwala Infrastructure Private Limited in Lower Parel, Mumbai, among other projects, according to a list released by MahaRERA.
The list released on November 12 includes seven projects from Pune district and other Maharashtra districts, as well as one project each from Mumbai, Nashik, Nagpur, Kolhapur, and Daman. MahaRERA requested public comments on developers’ deregistration applications within 30 days of the list’s public release.
MahaRERA states that developers may request deregistration for various reasons, including insufficient funding, commercially unviable projects, ongoing legal proceedings, family conflicts, and modifications to government regulations that limit building.
Registering and regulating real estate agents and projects is one of the regulator’s responsibilities under Section 34 of RERA. In February 2023, MahaRERA permitted project deregistration, indicating that initiatives that were financially troubled, unviable, or received a bad reaction might be deregistered. However, only when the claims of homebuyers and other stakeholders have been resolved may projects be deregistered.
For this reason, before deregistering a project in Maharashtra, MahaRERA also requests public complaints. According to information on the MahaRERA website, up to 138 real estate projects in Maharashtra have already been deregistered.
These comprise properties from a number of companies, including Wadhwa Group, Raymond Realty, Mahindra Lifespaces, and Macrotech companies, also known as Lodha. The Mumbai Metropolitan Area, Pune, Nagpur, and Nashik are home to the majority of deregistered projects.
MahaRERA statistics show that since its launch in May 2017, over 47,000 projects have been registered in Maharashtra, and 15,000 of those projects have been finished. K Raheja Corp, Lokhandwala Infrastructure Private Limited, and Lodha Group did not respond to an email inquiry. The copy will be updated if a response is received.
Source: Hindustan Times
