We study relaxation behaviour in the two-dimensional assembly of magnetic nanoparticles (MNPs) with aligned anisotropy axes and positional defects. The anisotropy axes orientation and disorder strength is changed by varying α and ∆, respectively. The magnetization decay does not depend on the aspect ratio A r of the system and ∆ for small dipolar interaction strength h d = 0.2. Remarkably, the magnetization decays rapidly for considerable h d with negligible ∆ and A r = 1.0. The dipolar interaction of enough strength promotes antiferromagnetic coupling in square ensembles of MNPs. There is a prolonged magnetization decay for large ∆ because of enhancement in ferromagnetic coupling. Notably, magnetization relaxes slowly for α < α even with moderate h d and a significant A r . Interestingly, the slowing down of the magnetic relaxation shifts to a lower α with h d = 1.0. The magnetization ceases to relax for α ≤ 60 • and h d ≤ 0.6 due to large shape anisotropy with A r = 400.0. Remarkably, a majority of the magnetic moment reverses its direction by 180 • for α > 60 • and large h d , resulting in the negative magnetization. The effective Néel relaxation time τ N also depends strongly on these parameters. τ N depends weakly on α and ∆ for h d ≤ 0.2, irrespective of A r . On the other hand, τ N decreases with α for significant h d provided α is greater than 45 • because of antiferromagnetic coupling dominance. In a highly anisotropic system, there is an enhancement in τ N with α (≤ 30 • ) even with moderate h d . While for α > 30 • , τ N decreases with α. These observations are useful in novel materials, spintronics based applications, etc.