107 project builders applied to leave MahaRERA. They’re like a team of developers saying bye-bye to rules.
Developers of 107 housing projects in Maharashtra have applied for deregistration from MahaRERA, the state’s real estate regulatory authority. Previously, the number of projects seeking deregistration was 88, but it has now increased to 107 with 19 new applications.
MahaRERA has extended the deadline until July 7 for consumers to provide their suggestions or objections regarding the deregistration of these projects. The authority is urging individuals to submit their concerns via email at firstname.lastname@example.org. A notice issued on February 10 by MahaRERA stated that registration for non-viable housing projects could be cancelled under specific conditions.
The projects seeking deregistration are spread across various regions, including 41 projects in Pune, 16 in Raigad, 12 in Thane, 6 in Palghar, 5 in Mumbai suburbs, 4 in Mumbai city, and more. Each region has one project requesting deregistration.
Many housing projects have faced difficulties due to insufficient funds, financial challenges, ongoing court cases, and family disputes. MahaRERA specified that consent from at least 2/3 of the buyers is required for cancellation. Additionally, any pending registration fees must be settled, and there should be no objections from relevant parties for the cancellation to proceed.
The Mumbai Grahak Panchayat, a consumer body, has demanded the cancellation of projects instead of deregistration, but MahaRERA has not responded to this request yet.