Allotees Can Exit From A Lapsed Project Only After The Completion Of The Project

Introduction

The Maharashtra Real Estate Regulatory Authority ("MahaRERA") has delivered an order on 28^th September, 2022 in the matter of Vijayshree Ajay Pandya and Another versus Prahsanti Land Developers Private Limited ("Order")¹. Under the said Order, MahaRERA, inter alia directed the allottees of a lapsed housing project to withdraw from it only after the Association of Allotees or any new developer appointed by the said association has completed the project. The said Order addresses the conflict between the rights of an allottee vis-à-vis the objective of development of real estate projects, under the provisions of the Maharashtra Real Estate (Regulation and Development) Act, 2016 ("the Act").