De-registration of 88 Housing Projects, Including Kalpataru, Ashwin Sheth Group, and Arihant Superstructures

Prominent Mumbai builders, Kalpataru, Ashwin Sheth Group, and Arihant Superstructures, seek de-registration of 88 housing projects. Stay updated on this major development in the real estate sector! #MumbaiBuilders #DeRegistration #RealEstateNews

De-registration of 88 Housing Projects, Including Kalpataru, Ashwin Sheth Group, and Arihant Superstructures
De-registration of 88 Housing Projects, Including Kalpataru, Ashwin Sheth Group, and Arihant Superstructures

In the bustling city of Mumbai, a significant development is taking place in the real estate sector. As many as 88 housing projects from various locations in Maharashtra have applied to the Maharashtra Real Estate Regulatory Authority (MahaRERA) for de-registration. This move has garnered attention as some of the most prominent builders, such as Kalpataru, Ashwin Sheth Group, Hubtown, Arihant Superstructures, and Panvelkar Group, have submitted their requests.

The reasons behind this surge in de-registration applications are multifaceted, including unviable projects, financial constraints, changing government regulations, and internal disputes. MahaRERA, the governing body overseeing these matters, has opened a public notice seeking objections within a limited timeframe to ensure transparency and accountability.

This article explores the implications of the list, highlighting the importance of submitting objections and providing the relevant email address for objections to be lodged.

Seeking Clarity: MahaRERA's Public Notice

To ensure transparency and protect the rights of homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a public notice on its official portal. The notice serves as an opportunity for stakeholders to voice their concerns and lodge any pending claims or rights. By opening this channel of communication, MahaRERA aims to address any outstanding issues and ensure a fair resolution for all parties involved.

If you have any objections regarding the de-registration of these projects, you are requested to submit your objections within 15 days from the date of this notice. Objections should be sent via email to the following address:

Unveiling the Projects

The list of projects seeking de-registration comprises notable entries from the Mumbai Metropolitan Region (MMR). Renowned builders like Kalpataru, Ashwin Sheth Group, Hubtown, Arihant Superstructures, and Panvelkar Group have made their mark in the city's real estate landscape, and their projects are among those facing de-registration.

MahaRERA granted permission to these real estate developers to initiate the process of de-registration in February, marking a significant turning point in the industry.

Conditions for Deregistration

While MahaRERA has granted permission for de-registration, it has also put forth certain conditions that builders must adhere to. One of the crucial prerequisites for the deregistration process is that the projects should have zero claimants or allottees.

This ensures that all rights and claims of homebuyers are satisfactorily settled before the project can be considered for deregistration. It is important to note that despite some developers initiating the de-registration process, MahaRERA's website may still display revised completion dates. This happens when builders themselves revise the project timelines to align with the regulatory framework.

An Insight into Specific Cases

Let's delve deeper into a few prominent cases to gain a comprehensive understanding of the situation.

Hubtown Seasons I Wing by Hubtown

Hubtown, previously known as Ackruti City, has filed for the de-registration of Hubtown Seasons I Wing. This residential project is situated at Beggar's Home Premises in Chembur. On MahaRERA's portal, the proposed completion date is shown as December 2023. However, it was subsequently revised to December 2025.  

Sheth Vasant Lawns by Ashwin Sheth Group

Ashwin Sheth Group has requested the de-registration of their project, Sheth Vasant Lawns, located in Thane. Initially, the proposed completion date was December 2022, but it has now been revised to December of the current year, with a further extension until December 2025. The project had received a Letter of Intent from the Thane Municipal Corporation back in March 2017. However, even prior to that, some homebuyers had booked apartments as far back as 2009, with a promised possession date of 2012.  

Kalpataru Centrino by Kalpataru Group

Kalpataru Group has taken steps to remove their project, Kalpataru Centrino, located in Yerwada, Pune, from the registered list. Although they received permission to commence construction in 2019, the completion date was initially stated as December 2015.  

Arihant Aakarshan by Arihant Superstructures

Arihant Aloki Phase 3 and Arihant Aakarshan Phase 2 by Arihant Superstructures
Arihant Superstructures, based in Navi Mumbai, has sought to deregister two of its projects: Arihant Aloki Phase 3 and Arihant Aakarshan Phase 2. The completion dates for these projects are December 2024 and December 2030, respectively.

Implications and Future Outlook

The de-registration of these 88 housing projects in Maharashtra is poised to have a significant impact on the real estate landscape, particularly in Mumbai. As builders seek resolution for various challenges, MahaRERA's involvement and regulatory oversight serve as pillars of transparency and accountability.

The public notice provides an opportunity for stakeholders to express their concerns and ensure that all pending claims and rights are addressed. By delisting these projects, the real estate market can undergo a transformation, paving the way for new opportunities and a more sustainable future.

MahaRERA's public notice seeks to address any pending claims or rights, ensuring fairness and transparency in the process. With each case reflecting the intricacies of the industry, the de-registration process holds implications for both builders and homebuyers alike. As the real estate landscape evolves, stakeholders and regulatory authorities must work collaboratively to foster a thriving and sustainable market for all.

Note: The information provided in this article about Maharashtra Real Estate Regulatory Authority (MahaRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances. The information provided in this article is based on the Notice Number MahaRERA/Secy / de-reg/ t$7 /2023 before the Maharashtra Real Estate Regulatory Authority

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