In a significant setback for aspiring homebuyers in Mumbai, a recent report by the Free Press Journal reveals that a staggering 88 housing projects located across Maharashtra have submitted applications to the Maharashtra Real Estate Regulatory Authority (MahaRERA) for the purpose of deregistration. Among these projects, several prominent ones in the Mumbai Metropolitan Region (MMR) belong to esteemed developers such as Kalpataru, Ashwin Sheth Group, Hubtown, Arihant Superstructures, and Panvelkar Group, to mention a few. Various factors have led to this decision, including unviable projects that have come to a halt, insufficient funds, changes in government regulations, and internal disputes. MahaRERA had granted permission to real estate developers to delist their projects back in February.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a public notice on its portal, calling for objections within a 15-day period to determine if any claims or rights of buyers are pending. The notice was published on Friday, and if no claims are received within this time frame, the 88 projects will be deregistered. MahaRERA has established specific conditions that developers must adhere to in order to scrap their projects, with one key requirement being that the projects must not have any allottees or homebuyers. Deregistration will only be considered if all the rights and claims of buyers have been resolved satisfactorily. It is worth noting that despite MahaRERA's website displaying a revised completion date for some projects, certain developers have still applied for deregistration. According to the regulatory framework, builders are responsible for determining and updating the revised project completion date themselves.
One such example is Hubtown (formerly known as Ackruti City), which has applied for the delisting of its project, Hubtown Seasons I Wing, located at Beggar's Home Premises in Chembur. According to MahaRERA's portal, the project was initially slated for completion in December 2023 but was later revised to December 2025. The builder obtained the commencement certificate in January 2016.
Similarly, the Kalpataru Group has also approached MahaRERA to seek deregistration for its project, Kalpataru Centrino, situated in Yerwada, Pune. The construction of this project received approval in 2019, and the builder initially announced a completion date of December 2015. Several other projects by Kalpataru Group are also facing challenges, leaving homebuyers in a state of uncertainty.
Arihant Superstructures, based in Navi Mumbai, has sought the deregistration of two of its projects, namely Arihant Aloki Phase 3 and Arihant Aakarshan Phase 2. The expected completion date for Arihant Aloki Phase 3 is December 2024, while Arihant Aakarshan Phase 2 is projected to be completed by December 2030.
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