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maharashtra real estate regulator authority (Maharera) has allowed Lodha Group And Terraform Realty The group, formerly Everest Group, will market, advertise and sell its joint venture project Lodha Bellevue in the south Mumbaiof Mahalaxmi Mohalla.
The regulator had earlier stayed the registration of the project following a petition filed by Urban Infrastructure Venture Capital Fund (UIVCF) and also restrained the combined entity from making sale efforts.
Following two reports submitted by its secretary, the regulator has now ruled that the Lodha Bellevue and Lodha projects sealBeing developed on a land parcel owned by Money Magnum Nest, a unit of Terraform Realty Group, there are two separate projects.
“…the said Project 2 (Bellevue) is a separate project and the promoter is permitted to advertise, market, book or create third party rights by way of offer for sale for the said project, for any of the apartments in the said Enter into agreement for sale of the project,” the regulator said in its order.
MahaRERA has canceled the commercial project Lodha Signet after the promoter demanded its withdrawal.
A Lodha spokesperson said, “We are grateful to the authorities for upholding the law. We look forward to taking the project forward expeditiously and creating another world-class community in south-central Mumbai.”
The Urban Infrastructure Opportunities Fund (UIOF), part of UIVCF, had filed a complaint alleging gross violation of provisions of the Real Estate (Regulation and Development) Act, 2016 by the realty developers.
In the JV, Terraform Realty Group operates through its company Money Magnum Nest and Lodha Group through its company Macrotech Developers,
Money Magnum Nest owns approximately 7-acres of land known as Bradbury Mills, situated next to Dagdi Chawl between Ripon Road and Haines Road in Mahalaxmi.
In 2007-08, UIVCF and other investors invested Rs 300 crore in three projects of Everest Group. The investors took the developer to arbitration over non-performance of these projects in 2012-13.
In October 2021, Macrotech Developers had entered into an agreement with Money Magnum Nest to jointly develop this land.
The UIOF, in its earlier complaint and a letter to MahaRERA chairman Ajoy Mehta, had alleged several violations by the promoters, showing that the RERA registration was obtained by cheating the authority.
Nidhi had alleged that the project has only received layout approval and no building proposal has been submitted to the civic body, resulting in no intimation of settlement (IOD) and commencement certificate (CC) on the date of registration.
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