In a move reflecting the challenges facing the real estate sector, prominent developers such as Lodha Group, K Raheja Corp, Puranik, and Lokhandwala Infrastructure have applied for the deregistration of 19 projects across Maharashtra. These projects span key urban hubs including Mumbai, Thane, Pune, Nashik, and Nagpur.
Among the list issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA) on 12 November, Lodha Group, operating as Macrotech Developers and Palava Dwellers, has sought deregistration for three projects in Thane. Similarly, K Raheja Corp has applied for deregistration of three projects in Pune, and Lokhandwala Infrastructure has listed a project in Mumbai’s Lower Parel for withdrawal. Notably, seven projects in Pune account for the majority, followed by single projects in Kolhapur, Daman, and other districts.
MahaRERA permits developers to apply for deregistration under Section 34 of the Real Estate (Regulation and Development) Act if they face challenges such as financial non-viability, litigation, family disputes, or restrictive government norms. In February 2023, MahaRERA streamlined this process, allowing deregistration for stalled projects, provided claims of homebuyers and stakeholders are settled. To ensure transparency, the authority invites public objections within 30 days before finalising deregistration.
Since MahaRERA’s establishment in 2017, over 47,000 projects have been registered across Maharashtra, of which 15,000 have been completed. However, as per MahaRERA data, 138 projects, including those by Raymond Realty, Mahindra Lifespaces, and Wadhwa Group, have been deregistered, with the majority concentrated in the Mumbai Metropolitan Region, Pune, Nagpur, and Nashik. This highlights the challenges of economic uncertainties and fluctuating market dynamics.
Deregistration has raised sustainability concerns, as abandoned sites disrupt urban planning and contribute to resource wastage. Developers must now prioritise sustainable practices to mitigate such impacts, ensuring urban growth aligns with environmental and civic needs.
