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About 170 realty projects in Mumbai region, Pune want to fold up
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About 170 realty projects in Mumbai region, Pune want to fold up
Publish on : 2023-08-26 14:20:57
Eight of them are from Mumbai suburban district, four from Mumbai city, 21 from Thane district, 29 from Raigad, 7 from Palghar and 63 projects from Pune, among others. MUMBAI: The number of projects that their promoters are seeking to deregister has climbed to 170. Developers take the drastic step in cases of zero bookings, financial problems, feasibility issues, new notifications from planning authorities, among others. Eight of them are from Mumbai suburban district, four from Mumbai city, 21 from Thane district, 29 from Raigad, 7 from Palghar and 63 projects from Pune, among others. Deregistration is possible if there is zero registration in the project or part of the project. If the deregistration has any effect on other phases of the overall project, the developer needs to get the consent of two-thirds of allottees. In February, MahaRERA had announced that promoters would be allowed to deregister projects if they are unable to commence and complete construction, or are not in a position to complete their project due to reasons such as lack of funds, projects becoming economically unviable, litigation, disputes and change in planning authority notifications, among others. In June, MahaRERA issued a list of 88 real estate projects that developers wanted to deregister. Now, a list of 31 more projects has been issued. “What is the point of keeping these projects registered if they are facing problems? They serve no purpose and only cause trouble to all those involved with the project,” said a MahaRERA official. “Once the developer seeks deregistration, the application is scrutinized and if there are any objections or complaints, they are heard, and appropriate directions are given by MahaRERA. The process of scrutiny is on in these projects, which have sought for deregistration,” the official added. A developer explained that sometimes promoters seek to deregister projects to tweak them. “Apart from the reasons stated by MahaRERA, deregistration also happens because the project design has to be changed. The design might need to change because demand in a particular locality may have changed from commercial to residential or even to retail. Projects are designed to cater to the nature of demand in the area,” said a developer. “The deregistering of the project happens in the following scenario: either the developer wants to change the product from residential to commercial, retail, service apartment or for student housing, or the developer may want to change the configuration of the product, or the project may have got some unknown legal issues which developers may settle and then relaunch the project. The demand for housing in Maharashtra is always there,” said Hitesh Thakkar, vice president of Naredco.

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