The Authority is vested with the powers powers to register and regulate the real estate projects and thereby grant registration and deregistration for the Project.
There are instances where promoters who have registered their real estate projects are unable to commence and complete the construction of the same or having commenced the construction are not in a position to complete the construction of the real estate project due to various reasons such as:
a. lack of funds
b. projects economically not viable
c. litigations filed, inter se disputes / b.family disputes
d. change in planning, Government / Planning Authority Notifications
There are certain prerequisites for applying for Project deregistration as follows:
1. There shoud be zero allotees i.e. the promoters should have not accepted any bookings in the project for which the deregistration is sought.
2. In case where the promoter has made any bookings, the settletement of the rights of the allottess is completed and adequated documentation for the same is available at the time of making deregistration application.
3. Where deregistration application is for a part portion of the project but it affects the rights of the allotteess of the balance part, then 2/3rd consent of such allottess is required.
In such cases the authority may allow deregistration of the project after evaluating the case based on the application for deregistration received from the Promoter
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