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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Quote by Tarun Sainani, Co-Founder at HouseEazy :

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The forum is organized in collaboration with the International Property Show (IPS), a leading platform showcasing the latest developments in the real estate sector, promoting international cooperation, and exploring profitable investment opportunities.

IPS, with a successful track record, will hold its 20th edition at the Dubai World Trade Centre from February 27 to 29, 2024, providing a unique opportunity for industry leaders, professionals, and investors to engage in meaningful dialogues and discussions, shaping the real estate landscape.

His Excellency Saleh Ahmad Salem Alzaraim Alsuwaidi, the UAE Ambassador to Brazil, stated: “The bilateral relations between the UAE and Brazil have witnessed significant developments, particularly in economic aspects.

The partnership has reached a strategic level, especially after the UAE’s inclusion in the BRICS group and its participation in G20 business meetings hosted in Brazil this year.

With our commitment to fostering growth and collaboration in the real estate sector and strengthening relations between the two nations, the UAE offers unique investment opportunities in real estate to Brazilian investors, reflecting the attractiveness and competitiveness of its real estate market on a global scale.”

Al Suwaidi added: “Through hosting the forum, the UAE Embassy in Brazil aims to organize a distinguished event with global participation, featuring experienced developers from the UAE and innovative project owners.

Brazilian investors will have a golden opportunity to explore diverse investment prospects in the real estate sector of the UAE, contributing to enhancing collaborative relationships and building an international bridge for investment.”

The forum provides a unique opportunity for visitors, exhibitors, investors, and government officials to engage and discuss the most promising investment opportunities offered by the real estate sector in Brazil.

It also facilitates the exchange of knowledge, experiences, and exploration of potential cooperation.

The UAE, with its strategic location, presents an attractive destination for global investors. IPS Brazil is committed to providing an unparalleled platform for the real estate community to explore these features and the investment opportunities in UAE real estate, alongside gaining insightful market dynamics and the chance to form strategic partnerships.

The forum signifies a prominent effort to enhance economic relations and cooperation between the UAE and Brazil.

All interested parties, stakeholders, industry professionals, and investors are invited to participate in this distinguished event and contribute to the growth and prosperity of the global real estate industry.

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