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By Staff Reporter
In a groundbreaking decision, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken the unprecedented step of deregisters five real estate projects in the state. This move comes after developers cited reasons such as poor response from homebuyers, project unviability, or financial challenges.

Among the deregistered projects are two from Macrotech Developers, operating under the renowned Lodha brand, situated in Mumbai. Macrotech Developers conveyed to the regulator that one project had no buyers, while the other faced the complication of having two registration numbers.

AYG Realty’s project in Pune was also deregistered as the developer sought to change the end-use and required fresh approvals. Additionally, the MahaRERA directed the deregistration of Coral in the Mira Road area of Thane near Mumbai and a project in Sindhudurg.

For the first time, the regulator has explicitly instructed the developers not to engage in advertising, marketing, booking, selling, or offering for sale, or inviting individuals to buy apartments in all five of the deregistered projects.

MahaRERA allows deregistration under various circumstances, including lack of funds, projects being economically unviable, litigation issues, disputes (including family quarrels), and changes in government or planning authority notifications. There have also been instances where developers, facing insurmountable challenges, have been unable to proceed with registered projects, necessitating deregistration.

Under Section 34 of the Real Estate (Regulation and Development) Act, one of MahaRERA’s functions is to register and regulate projects and real estate agents. The regulator, in February 2023, established the provision for the deregistration of projects that were deemed unviable, financially troubled, or faced a poor response. Importantly, projects could only be deregistered after settling the claims of homebuyers and other stakeholders.

This unprecedented move by MahaRERA marks a significant shift in regulatory action, emphasizing the importance of transparency, viability, and adherence to regulatory provisions in the real estate sector.

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