India, June 15 -- In what is being touted as a groundbreaking decision, the Uttar Pradesh Real Estate Regulatory Authority (UP Rera) last month deregistered three phases of housing project Aranya, which was being constructed by developer Unnati Fortune Holdings Ltd in Noida, under Section 7 of the Real Estate (Regulation and Development) Act, 2016. Under the Act, every upcoming project meeting certain conditions needs to get registered with Rera of the respective state.

The homebuyers in the project approached Rera in September 2018 against the developer with complaints of project delay and alleged irregularities. Construction on the project, valued at over Rs.1,500 crore and located at Sector 119, Noida, started in 2007, but about 12 year...