According to the order MahaRERA received, one of the duties of the Authorities (MahaRERA) per Rera Act Section 34 is to register & oversee property developments and real estate brokers registered under the Act. Builders who have listed their real estate developments occasionally find themselves unable to start and finish the project’s construction.
With a few requirements that developers must meet, the MahaRERA (Maharashtra Real Estate Regulatory Authority) issued an order formally permitting developers to proceed and deregister the real estate projects.
The MahaRERA has cited a number of grounds for developers to deregister a development project, including a lack of cash, economically unviable projects, lawsuits filed, disputes/family issues, and modifications in plans government/planning authority announcements.
According to the MahaRERA ruling, in such circumstances, MahaRERA may permit the de-registration of these real estate developments after obtaining an application from the promoters and reviewing it.
Only certain real estate projects meeting the requirements outlined by MahaRERA for enabling deregistration have no allottees (homebuyers). If there are purchasers, deregistration will only be taken into consideration if the developer has resolved all of their rights and claims.
