CREDAI Pune Metro Welcomes New Regulation of MahaRERA on deregistration of projects

Pune, July 27: In the recent notification by Maharashtra Real Estate Regulatory Authority (MahaRERA) the provision of deregistration will bring great relief to the registered projects which are unable to commence and complete the construction of the same or have commenced the construction but are not in a position to complete the construction due to various reasons like lack of funds, litigations filed, family disputes, change in town planning norm, Government regulations, etc. This provision is also beneficial for projects which are economically not viable. Ranjit Naiknavare, President of CREDAI Pune Metro informed that, these new changes in projects are being welcomed on behalf of CREDAI Pune Metro which will not only benefit the allottees but also provide relief to the builders.

“Builders often face challenges while finishing projects. Consequently, the project turns out to be unprofitable for allottees, builders as well as investors. Moreover, such projects are treated with the sole perspective of forceful completion. Considering such drawbacks, if the registration of the projects is cancelled, not only the allottees, but also the builders will be relieved from panic and distress” added Ranjit Naiknavare.

Emphasizing on the allottee’s interest, Naiknavare highlighted that if the allottee appeals to MahaRERA after the cancellation of a registered project, the builders will have to accept the decision given by MahaRERA after the hearing.

In the case of cancellation of the registered project, absolutely no sale of flat or commercial spaces, or the projects sold partially will be considered. For those who have purchased units in such projects, will be accepted as per their consent and their rights would be settled with h required supporting documents. Additionally, allottees who are likely to buy property in the near future will be approached synergistically to anticipate future risks along with the builders and investors. As a result, it will bring changes in the economy and industry: as lapsed projects will not have any consideration as such.

“Most importantly, it will not affect the credibility of the builder. Besides, if needed provisions are made, there will be no need to maintain the white elephant in the unwanted project. In cases where a unanimous decision of the allottees is not possible, allottees can put forward their opinions. Their complaints and grievances will be promptly heard, and the terms and conditions imposed by the authority will be bound to the builder. Even if the registration of the project is cancelled, the interest of the allottee will be fully protected,” stated Naiknavare.