The Maharashtra Real Estate Regulatory Authority (“Authority”) on February 10, 2023 issued order no. 42/2023 (No. MahaRERA/Secy/File no.27/200/2023) (“Notification”), laying down the process of deregistration of a real estate project. As per the Notification, promoters who have registered their real estate projects under the Real Estate (Regulation and Development) Act, 2016 and are unable to commence and complete the construction of the same, may deregister the same, by submitting an application to the Secretary, MahaRERA at firstname.lastname@example.org along with a notarized declaration cum undertaking, in the prescribed formats.
The Notification is applicable to only those real estate projects which have zero allottees. Where only a part of a registered real estate project is sought to be deregistered, there should be zero allottees in that part of the real estate project. In the event there are bookings/ allottees in the real estate project, application for deregistration shall be subject to the rights of the allottees being settled by the promoter and documents pertaining to this are required to be submitted for verification along with the application for deregistration. Furthermore, when deregistration of part portion of a real estate project affects the rights of the rest of the allottees in the balance part of such real estate project, consent of 2/3rd of such allottees need to be submitted along with the application for deregistration.
Upon receiving the application for deregistration, the Secretary, MahaRERA, shall initiate action and place the matter before the Authority for appropriate orders including scheduling a hearing, if necessary. Any person aggrieved by such deregistration, may file a complaint against the same, and the matter will be decided by the Authority after giving due notice to the promoter.
Please find a copy of the Notification here.
This update has been contributed by Nidhi Arya (Partner) and Ayushi Jain (Associate).
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