118 MahaRERA Projects See A Change Of Promoter

118 real estate project see a change of promoter
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A total of 118 projects registered with MahaRERA have seen a change of promoter till April 2021. These projects saw the change in promoters under two sections.

By Varun Singh

Since the inception of MahaRERA till now, a total of 118 projects registered with the authority have seen a change of promoter.

These projects that saw a change are in two parts, while 67 projects saw a change of promoter after two-third consent of allottees.

The remaining 51 saw a change of promoter as per the statutory orders or operation of law.

The latest project saw a change of promoter as recent as April 7, 2021.

The list of project that saw a change of promoter after consent from allottees can be seen here.

The lisst of the projects that saw a change as per the statutory orders or operation of law can be seen here.

The list includes some high profile project names too.

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What is change of promoter in a project by two third consent of the allottees?

As per provisions of RERA, section 15. (1) The promoter shall not transfer or assign his majority rights and liabilities in respect of a real estate project to a third party without obtaining prior written consent from two-third allottees, except the promoter, and without the prior written approval of the Authority: Provided that such transfer or assignment shall not affect the allotment or sale of the apartments, plots or buildings as the case may be, in the real estate project made by the erstwhile promoter.

Section 15 (2) says on the transfer or assignment being permitted by the allottees and the Authority under sub-section (1), the intending promoter shall be required to independently comply with all the pending obligations under the provisions of this Act or the rules and regulations made thereunder, and the pending obligations as per the agreement for sale entered into by the erstwhile promoter with the allottees: Provided that any transfer or assignment permitted under provisions of this section shall not result in extension of time to the intending promoter to complete the real estate project and he shall be required to comply with all the pending obligations of the erstwhile promoter, and in case of default, such intending promoter shall be liable to the consequences of breach or delay, as the case may be, as provided under this Act or the rules and regulations made thereunder.

Thus whenever, there’s a change of promoter in projects, the rights of the allottees are protected.

The other change is where as per the provisions of the law the promoter has been changed.

MahaRERA has a total of 28,923 registered real estate projects of which 6,822 projects are completed.

Also Read: 55 Projects See Change Of Promoter Since 2018

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