DE-REGISTER YOUR RERA PROJECT- A Welcome Move- Order 42/2023 Maharera
A welcome notification for all Developers. Maharera has finally recognized that a project may be registered by Developers but for reasons like litigation, lack of funds, projects no more being economically viable, family disputes, change in planning and the like lead to the Projects not being floated or the same being stalled. The Promoters were being forced to do compliance of projects once registered even if the projects were no more effective and in force. Projects were listed in Lapsed Projects and various media houses named even good promoters as BLACK LISTED PROMOTERS even when the ground reality was otherwise by mere appearance in Lapsed Projects List. DE-REGISTRATION OF REAL ESTATE PROJECTS- Order 42 dated 10-02-23 ZERO ALLOTTEES- One of the most important conditions laid down under in the circular is that the projects should not have any bookings and should have Zero Allottees. This would mean that Promoters need to enter cancellation deeds, ensure all refunds are given and h...