MahaRERA Approves Deregistration of Stalled Pune Housing Project
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has permitted the deregistration of a stalled housing project in Pune after finding that all homebuyers had either been refunded or had their claims settled, and no objections were received to the developer's request for deregistering the project.
According to the order, the developer sought deregistration on the grounds that it no longer wished to proceed with the project due to financial difficulties, delays, and its preoccupation with other ongoing developments. The developer also informed MahaRERA that the project no longer had any allottees, as Deeds of Cancellation had been executed with all purchasers who had entered into Agreements for Sale, and all bookings had been formally cancelled.
Taking note of these submissions and the absence of any pending claims from homebuyers, MahaRERA approved the request to deregister the project.
The case involved a developer seeking deregistration of an MahaRERA-registered project, stating that it no longer intended to complete the development due to financial difficulties. The developer also informed the authority that all claims of homebuyers who had booked units in the project had been settled.
In its representation to MahaRERA, the developer stated, 'Promoter (developer) no longer wishes to continue with the said project due to financial difficulties, pendency and preoccupation in other projects. That the said project currently has no allottees (homebuyers) and the promoter has duly executed Deeds of Cancellation of Agreements with all the people with whom the Agreements to Sale were executed, and also duly cancelled the bookings in the said project.'
MahaRERA examined records showing that agreements for sale executed with homebuyers had been terminated through registered deeds of cancellation. In the case of purchasers who had only made bookings, the developer submitted documents showing that refunds had been issued and affidavits obtained from the buyers acknowledging receipt of the amounts paid.
The authority noted that notices were served on all allottees whose details had been furnished by the promoter. However, none of them appeared before MahaRERA to oppose the deregistration request or challenge the developer's claim that all dues and rights had been settled.
Further, MahaRERA had issued a public notice inviting objections from any interested parties to the proposed deregistration. No objections were received in response to the notice.
'It can thus be concluded that in the event the Authority finds that a project registration number which has been granted to a project is not likely to be completed, the Authority is bound to take cognizance of the same and take such actions as may be necessary, to bring the project to a conclusion. The Authority sees no logic in maintaining a project registration number where there are either no allottees or where there are allottees but whose legal obligations have been fulfilled by the Promoter. Thus, the said project is deregistered,' MahaRERA said in its order.
Based on its findings, MahaRERA ordered the deregistration of the project and barred the promoter from undertaking any future marketing, booking, sale, or offering of apartments in the development.
