Developers Apply for Deregistration Across Major Cities
Prominent real estate developers, including Lodha Group, K Raheja Corp, Puranik, and Lokhandwala Infrastructure, have applied to deregister 19 projects across Maharashtra. These projects span key cities such as Mumbai, Thane, Pune, Nashik, and Nagpur. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a 30-day window for the public to submit objections to these deregistration requests.

Cities and Projects Affected
As per the list released by MahaRERA on November 12, the 19 projects include:

Three projects in Thane district by Lodha Group (Macrotech Developers) and Palava Dwellers Private Limited.

Three projects in Pune by K Raheja Corp.

A notable project in Lower Parel, Mumbai, by Lokhandwala Infrastructure Private Limited.

Other projects spread across Mumbai, Nashik, Nagpur, Kolhapur, and Daman.

The list also highlights seven projects in Pune district, reinforcing the region’s significant representation in the applications.

Grounds for Deregistration
MahaRERA outlines several reasons for deregistration, including:

Financial unviability or lack of funds.

Poor market response.

Ongoing litigation or family disputes.

Changes in government regulations impacting project feasibility.

These criteria ensure developers have valid grounds to seek deregistration, especially for projects deemed economically or structurally unfeasible.

Safeguarding Stakeholder Interests
MahaRERA’s framework ensures that deregistration applications consider the rights of homebuyers and stakeholders. Developers can only proceed once all claims are settled. Public objections play a crucial role in this process, offering transparency and safeguarding investor interests.

138 Projects Deregistered Since MahaRERA’s Inception
Since its establishment in May 2017, MahaRERA has overseen the registration of over 47,000 projects in Maharashtra, with more than 15,000 completed. However, 138 projects have been deregistered so far, citing reasons like financial instability and poor market response. Notable deregistered projects include those by Raymond Realty, Mahindra Lifespaces, and Wadhwa Group.

A Step Towards Responsible Regulation
MahaRERA’s provision for deregistration demonstrates its commitment to regulating the real estate sector effectively. By inviting public participation and ensuring thorough scrutiny, the authority aims to maintain transparency while addressing developers’ challenges.

The Way Forward
As the public objection period progresses, all eyes are on the response to these deregistration applications. With major players like Lodha Group and K Raheja Corp involved, the decisions will have far-reaching implications for Maharashtra’s real estate landscape.