Among these are prominent projects such as Lokhandwala’s development at Worli Naka and a Lodha project in Dombivli. This development adds to the growing number of deregistration requests, with MahaRERA having received applications for deregistration of nearly 400 projects to date.

Promoters typically file for deregistration under specific circumstances, including when there are zero bookings for the project, financial difficulties, the project’s infeasibility, or new directives issued by planning authorities that affect the viability of the development.

To ensure transparency, MahaRERA has made the list of these 19 projects publicly available on its website, keeping homebuyers informed about the status of these developments.

Of the approximately 400 deregistration applications received, MahaRERA has approved around 200, while the remaining requests are at various stages of review and processing.

According to officials, the reasons cited for deregistration are consistent: projects with no bookings, financial hardships faced by the promoters, project feasibility issues, or challenges arising from planning authority notifications.

For a deregistration request to be considered, it is mandatory that the specific project or phase in question has zero bookings. If the deregistration impacts other phases of a larger project, the developer is required to secure consent from at least two-thirds of the allottees in the affected phases before proceeding with the application.

In February of the previous year, MahaRERA formally outlined the conditions under which projects could be deregistered.

Promoters may withdraw their projects if they cannot commence or complete construction due to reasons such as lack of funds, economic unviability, legal disputes, or changes introduced by planning authorities that adversely affect the project. This policy aims to address stalled projects pragmatically and to offer relief to both developers and buyers.

“MahaRERA conducts a thorough scrutiny of each deregistration application,” stated a MahaRERA official. “This includes examining the project’s accounts and CA certifications to ensure that the interests of homebuyers are not compromised.

Only after all these criteria are met does the regulatory authority approve the deregistration.”
The regulatory body has emphasized that deregistration is considered a practical option for promoters struggling to proceed with their projects.

“When promoters are unable to initiate or complete construction, keeping the project registered serves no purpose. Deregistration is a necessary measure in such situations,” said a senior MahaRERA official.

However, MahaRERA has also provided avenues for recourse to affected parties. Any aggrieved individual or entity can file a complaint regarding the deregistration of a project. MahaRERA assures prompt hearings of such complaints, ensuring that due notices are served to the promoters involved.

Once a decision is reached, the terms and conditions set by MahaRERA in the deregistration order are binding on the promoter. This structured approach ensures that while deregistration addresses the concerns of promoters facing genuine challenges, it also upholds the interests of homebuyers, maintaining transparency and accountability in Maharashtra’s real estate sector.

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Organized by Realty Quarter, this exclusive meet offers an unparalleled opportunity to connect with some of the most influential and affluent buyers, investors, and channel partners in the real estate industry. Dubai’s thriving property market sets the perfect stage for you to showcase your projects to high-net-worth individuals (HNIs) and serious investors who are actively seeking lucrative opportunities.

Why Attend the 18th HNIs, Investors & Channel Partners Meet?

The HNI Meet 2024 is far more than just a networking event; it is a high-stakes arena designed to facilitate direct sales and foster valuable business connections. Whether you’re a real estate developer, a project manager, or a channel partner looking to make a lasting impression, this event offers an exclusive platform for significant growth.

What to Expect:

1. Access to Over 100 HNIs and Top-Tier Investors You’ll be in the presence of Dubai’s elite, including diamond merchants, exporters, corporate magnates, and other prominent figures who wield immense buying power. These decision-makers are constantly seeking fresh investment opportunities, and your project could be their next major deal.

2. A Prime Opportunity for Direct Sales Unlike conventional meetups, this event creates an environment tailored to direct sales. You’ll have exclusive access to HNIs and key investors, enabling you to present your real estate project to an audience that has both the means and the intent to invest. Imagine closing deals on the spot—this is the kind of impact that can transform your business.

3. Awards & Recognition The event also offers the chance to gain recognition from prominent Dubai officials. Awards presented at the meet will not only enhance your brand’s credibility but also elevate your standing within the industry. Being recognized in Dubai, a global hub for luxury real estate, will give your brand a competitive edge and help you establish trust with future clients and partners.

4. Stress-Free Participation You focus on making the right connections, and we’ll take care of the rest. This all-inclusive experience includes return flights, a Dubai visa, and accommodation, ensuring that your journey to this prestigious event is seamless and hassle-free.

Event Highlights:

• Date: Friday, 6th December 2024
• Location: Dubai

Key Features:

• 100+ HNIs, investors, and key partners in attendance, ready to explore new real estate opportunities.
• Awards and recognition by Dubai officials, boost your brand’s visibility and reputation.
• All-inclusive travel and stay for participants, allowing you to focus on what truly matters—expanding your business.

Why Dubai?

Dubai’s real estate market has been on a remarkable upward trajectory, making it a global hotspot for property investment. The city offers many opportunities, whether it’s luxury apartments, commercial buildings, or expansive development projects. Being part of this event puts you at the center of this booming market, offering a chance to expand your influence and network with key players shaping the future of Dubai’s real estate landscape.

Seize the Opportunity—Book Your Spot Today!

If you’re serious about growing your real estate business, this is an opportunity you simply can’t afford to miss. The 18th Edition of the HNIs, Investors & Channel Partners Meet 2024 is your gateway to connecting with influential buyers, forging partnerships, and securing valuable investments.

Contact us now to secure your place at this prestigious event:

• Call: 9820659743,  8279547396,  9970037166
• Visit: www.realtyquarter.com/hni-investor-meet

The post Dubai HNIs, Investors & Channel Partners Meet 2024 – 18th Edition appeared first on .

Developers of these projects failed to meet Quarter-End (QE) compliances by not updating the project completion status with GujRERA within the specified deadline or seeking an extension.

This action will affect numerous developers in Ahmedabad, Vadodara, Surat, and Rajkot, as it prohibits them from advertising or selling the remaining units of these projects. Moreover, the developers cannot seek credit for these projects.

“A developer is required to adhere to project-completion compliance norms laid out by GujRERA. This means the details of project completion must be updated with GujRERA by the date mentioned at the time of registration.

In case the developer fails to complete the project by the specified date, an extension needs to be sought from GujRERA. The authority learned that developers have not completed compliance for at least 1,000 projects, or even applied for extensions,” said a top GujRERA official, requesting anonymity.

“We have canceled the registration of all such projects,” added the official. Most of these projects were launched in 2018-19 and had promised a project completion date in the first half of 2024, according to the official.

GujRERA has also provided details of each of these projects to the State Level Bankers’ Committee (SLBC) – Gujarat, urging them to freeze RERA-registered bank accounts of all these projects.

“This means developers of these projects cannot sell the remaining units because they cannot receive money in the registered bank account. Additionally, as RERA registration is canceled, they cannot advertise the project,” the official stated.

Interestingly, these 1,000+ projects also include those that are already completed, and buyers have been granted possession. “However, in many such cases, the Building Use (BU) permission is pending, and therefore, developers are not able to complete the QE compliance.

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