In an unprecedented move, the Maharashtra Real Estate Regulatory Authority (MahaRera) deregistered five projects in Mumbai and Pune due to poor response from homebuyers, unviability or financial problems. Two of the projects are of Macrotech Developers, operating under the Lodha brand, in Mumbai. One of these projects had no buyers and the other had two registration numbers.
See also: One project cannot have two project registration numbers: MahaRERA
The other deregistered projects include one in Pune by AYG Realty, which wanted to change the end-use and seek fresh approvals. The other two were Coral in the Mira Road area of Thane, Mumbai, and a project in Sindhudurg. The developers of deregistered projects have been instructed not to advertise, book, market, sell or offer for sale, or invite person/s to buy apartments in all the five projects that were deregistered.
According to MahaRERA, deregistration is allowed for reasons such as lack of funds, projects not being economically viable, litigation, disputes including family quarrels, and changes in government/planning authority notifications. There have also been instances of developers unable to go ahead with projects after registering them, requiring the regulator to then deregister them. Projects can be deregistered only after settling the claims of homebuyers and other stakeholders.
