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Pune: Maharashtra Real Estate Regulatory Authority (Maharera) has allowed cancellation of registration of two projects out of the total 60 applications received for the two projects in the state, officials said on Tuesday.
In February, the authority issued an order allowing developers to deregister their projects subject to certain conditions. The process has been allowed as many developers are unable to start and complete building construction.
Maharera De-registration of real estate projects with zero allottees (homebuyers) has been allowed. The order, dated February 10 this year, said that if there are homebuyers, deregistration would be considered only after the rights and claims of these homebuyers are settled by the developer.
Officials said that while two developers have been allowed cancellation of registration as per the above conditions, the remaining 58 applications are under scrutiny. A MahaRERA official said, “We are minutely scrutinizing all the applications. So far, we have given permission for registration of only two projects.”
Homebuyers said that if projects are deregistered, it should be indicated on the MahaRERA website, and a notice indicating the same should be displayed at the construction site. “The authority should ensure that the developers explain on their website the reasons for not going ahead with the project and they should also indicate the same at the construction sites,” said Advocate Godfrey Pimenta, trustee, Watchdog Foundation.
Advocate Manjunath Kakkalmeli said, “The authority has struck a balance in accepting the commercial realities that may necessitate de-registration while protecting the interests of the allottees,” he said.
Ramesh Prabhu, Chairperson, Maharashtra Societies’ Welfare Association said, “The authority, being the administrator of the project, has full power to regulate a real estate project. Using this power, MahaRERA has come up with a circular, which Enables a developer to opt out for genuine reasons,” he said.
Another home buyer, Tarita Shankar, said that MahaRERA may consider giving notice regarding filing of application for cancellation of registration to all home buyers and stakeholders, such as financial institutions, in a project so that an aggrieved person can intervene accordingly . The total number of registered projects in the state is 40,769 and there are 12,151 completed projects.
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