Lodha Group and K Raheja Corp among developers who have filed deregistration applications for 19 projects in Maharashtra

Lodha Group, K Raheja Corp, Puranik, Lokhandwala Infrastructure are among the developers who have submitted applications for deregistration of as many as 19 projects in Maharashtra, in cities such as Mumbai, Thane, Pune, Nashik and Nagpur.

MahaRERA Update: Lodha Group, K Raheja Corp, Puranik, Lokhandwala Infrastructure are among the developers who have filed applications for deregistration of as many as 19 projects in cities in Maharashtra. (Image for illustration purposes only) (Mehul R Thakkar/HT)

According to the list released by MahaRERA, of the 19 real estate projects earmarked for deregistration, three are by Lodha Group or Macrotech Developers and Palava Dwellers Private Limited in Thane district, three projects are by K Raheja Corp in Pune district, one project in Lower Parel, Mumbai by Lokhandwala Infrastructure Private Limited and several other projects.

The list released on November 12 also includes one project each from Mumbai, Nashik, Nagpur, Kolhapur, Daman and seven projects from Pune district and other districts of Maharashtra.

MahaRERA has sought public comment on the deregistration application submitted by the developers within 30 days from the date of publication of the list.

Circumstances in which developers can deregister projects

According to MahaRERA, developers can apply for deregistration, among others: due to lack of funds, unprofitability of projects, ongoing court proceedings, family disputes, changes in government regulations restricting construction.

Legal effectiveness of deregistration

One of the functions of the regulatory authority (under section 34 of RERA) is to register and regulate real estate projects and brokers. MahaRERA allowed deregistration of projects in February 2023, stating that projects that are unviable, in financial distress or have poor response can be deregistered. However, the projects can be deregistered only after the claims of homebuyers and other stakeholders are settled.

For this reason, MahaRERA also encourages public objections before deregistering a project in Maharashtra.

So far, 138 real estate projects have been deregistered in Maharashtra

Data available on the MahaRERA portal shows that as many as 138 real estate projects in Maharashtra have been deregistered so far.

These include projects from developers such as Raymond Realty, Mahindra Lifespaces, Macrotech Developers also known as Lodha, Wadhwa Group and several others. Most of the deregistered projects are in the Mumbai metropolitan region, Pune, Nagpur and Nashik.

According to MahaRERA data, since MahaRERA was launched in May 2017, over 47,000 projects have been registered in Maharashtra and 15,000 have been completed.

An email inquiry sent to Lodha Group, K Raheja Corp and Lokhandwala Infrastructure Private Limited did not receive any response. The copy will be updated once we receive a response.