Prominent real estate firms such as Lodha Group, K Raheja Corp, Lokhandwala Infrastructure, and Puranik Builders have submitted applications to deregister 19 projects in Maharashtra, as per a list issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA) on November 12.
The projects span multiple districts, with Thane hosting three projects from Lodha Group or Macrotech Developers, Pune accounting for three from K Raheja Corp, and one in Mumbai’s Lower Parel by Lokhandwala Infrastructure Private Limited. Other cities affected include Nashik, Nagpur, Kolhapur, and Daman. Seven projects in Pune contribute significantly to the list.
Public Objections Invited by MahaRERA
MahaRERA has called for public objections regarding these deregistration requests, allowing stakeholders 30 days from the list’s publication to raise concerns. This step ensures transparency and safeguards the interests of homebuyers and other stakeholders.
Reasons Behind Deregistration Requests
According to MahaRERA guidelines, developers can apply for deregistration under specific circumstances, including financial constraints, lack of economic viability, ongoing litigation, family disputes, or changes in government regulations impacting construction.
The regulator emphasizes that deregistration is permissible only after settling claims with homebuyers and other affected parties. This process upholds the legal framework established under Section 34 of the Real Estate (Regulation and Development) Act (RERA), which aims to register and regulate real estate projects effectively.
138 Projects Deregistered to Date
Since MahaRERA’s inception in May 2017, over 47,000 projects have been registered in Maharashtra, with 15,000 successfully completed. However, data from the regulatory body reveals that 138 projects have been deregistered so far, including notable developers like Raymond Realty, Mahindra Lifespaces, and Wadhwa Group.
The majority of deregistered projects are located in the Mumbai Metropolitan Region, Pune, Nagpur, and Nashik, reflecting the evolving dynamics of Maharashtra’s real estate landscape.
No Response from Developers
An email query to Lodha Group, K Raheja Corp, and Lokhandwala Infrastructure Private Limited went unanswered at the time of publishing. This article will be updated upon receiving their responses.
