57 housing projects up for deregistration, 25 from MMR

Maharashtra's MahaRERA is set to deregister 57 housing projects, including nine from Lodha Group and four from K Raheja Corp, citing unviability.

MUMBAI: As many as 57 housing projects are up for deregistration with the Maharashtra Real Estate Regulatory Authority (MahaRERA). Of these, nine belong to Lodha Group companies while four are from the K Raheja Corp Real Estate stable. Eight of the nine projects belonging to the Lodha Group were registered before the Covid-19 pandemic.

As many as 57 housing projects are up for deregistration with the Maharashtra Real Estate Regulatory Authority (MahaRERA). Representative Image(Century Real Estate)

In the three lists with MahaRERA, collated in the last two months, there are 25 projects from the Mumbai Metropolitan Region, including within Greater Mumbai limits.

Of the Lodha Group’s projects, six were to be constructed by Palava Dwellers: Palava Verde’s A to E wings registered in March 2019, Palava Fresca’s A and B wings (March 2019), Palava Verdana’s A to D wings (March 2019), Jasmine’s T wing (April 2019), Palava Fresca E to H wings (March 2019) and Palava Allura’s C and D wings (December 2018). The other three are Macrotech Developers’ Upper Thane Meadows A and E to G wings in Thane (all in March 2019) and Dombivli Arcade (March 2024).

K Raheja Corp Real Estate, on its part, has scrapped its Plumeria Viva project (August 2023), Wisteria Viva (July 2023), Frangipani Viva (September 2023) and Palash Viva (July 2023). All of these are at Pirangut near Pune. Hindustan Times learnt that these projects had become “unviable” for the developers, resulting in a decision to put them on the backburner by getting them deregistered.

Other prominent names include Piramal Realty Limited’s Piramal Revanta Tower 5 in Mulund, which was registered in December 2023, Puranik Builders’ Puranik Tokyo Bay’s Phase 2C in Thane, registered in March 2019, Lokhandwala Infrastructure’s LB One at Worli, registered in August 2017, and Mayfair Housing’s Mayfair Virar Gardens Buildings 17 to 19, 23A, 26, 27 (April 2022), which is also on the verge of getting deregistered.

According to MahaRERA’s rules, to deregister a project, the builder must state the reasons for doing so. The reasons allowed include lack of funds, litigation, no sale of flats, project becoming unviable, project getting impacted due to changes in government regulations, disputes within the company and so on. The deregistration guidelines also state that the developer must ensure that there are no homebuyers prior to moving the application. In case of any homebuyers, their rights and claims should be settled by paying them interest and compensation for the inconvenience caused. In the case of a larger project, the consent of two-thirds of homebuyers is a must along with a no-objection letter from each of them.

When asked about the deregistration of so many real estate projects, the Lodha Group’s spokesperson said, “As a normal course of business, the projects listed have been deregistered, as we have decided not to launch them.” K Raheja Corp Real Estate declined to comment on the development while Piramal Realty Limited did not comment. Hindustan Times could not reach out to Puranik Builders, Mayfair Housing and Lokhandwala Infrastructure.