Maha RERA (Maharashtra Real Estate Regulatory Authority) is the regulatory body in the state of Maharashtra, India, responsible for implementing the Real Estate (Regulation and Development) Act, 2016 (RERA). As per the provisions of RERA, all real estate developers and builders must register their projects with Maha RERA before advertising, selling, or marketing them.
Maharashtra Real Estate Regulatory Authority (Maha RERA) has the power to de-register real estate projects if the developer fails to comply with the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA).
The de-registration of a real estate project means that the developer is no longer allowed to sell or advertise the project to potential buyers. The Registration Certificate of the project is also revoked, and the project is removed from the Maha RERA website.
Earlier the promoters had no other choice than to finish the concerning projects even if the projects were no more effective and in force. As projects appeared on the Lapsed Projects List, several media outlets labelled even effective marketers as BLACK LISTED PROMOTERS, even though the actual situation was different.
ThusMaharashtra Real Estate Regulatory Authority through Order No. 42/2023 No. MahaRERA/Secy /File no. 27/ 200 /2023 order dated 10/02/2023 has now acknowledged that a project may be registered by developers, but that it may not be floated or may have halted due to factors such as litigation, lack of funding, the project may no longer be economically viable, family disputes, changes in planning, etc.
The prerequisites for the same shall be as follows:
Process of submission of the application of de-registration:
Maharera has clarified that even post De-registration of a project, an aggrieved person may file complaints against the project which will be dealt with accordingly by the Authority.
Salient features of the order-
MAHARERA has solved the issue that promoters were facing for years. By eliminating the inactive projects from the mix, this order will assist the authority in concentrating its attention on the actual delayed projects. This has bolstered the perception of Maharera as a forward-thinking authority with a fair attitude to dealing with Promoter problems.
For the sake of avoiding pointless litigation, all Promoters should now adopt a proactive stance and make sure that their dormant projects are swiftly de-registered from Maharera.