A total od 132 projects have seen their builders change. Some were changed with consent of homebuyers while some because of orders from courts and authority.
By Varun Singh
Very rarely a developer leaves a realty project that he began.
However, a total of 132 projects have seen builders changing.
There are two types under which in MahaRERA, a realty projects can witness a developer or a builder change.
The first is where the homebuyers or allottees give their consent and the second is where via court orders the builders have been changed in a certain realty projects.
Projects that have seen a change in promoter via two third consent of homebuyers or allottees stands at 74.
These 74 realty projects are from 2017 till 2021 and includes big names too.
There are 58 projects which have seen a change in promoters due to other reasons, these includes Proprietorship change by succession to legal heirs, and As per the statutory orders / operation of law.
You can see the entire list here
Since MahaRERA, came into existence in 2017, the real estate industry which earlier use to be not so transparent suddenly had to open up.
There was a time when anyone could become a builder and many did become and started realty projects.
This caused a lot of strain on the homebuyers who would not be able to get their homes on time, as there was no body fo check whether the builder was fulfilling all his duties and was in a condition to construct a milti crore building or not.
Since, RERA act, the builder had to create an escrow account where the details have to be provided to MahaRERA.
The transparency has led many builders who had jumped into the realty sector with expertise abandon projects.
In Maharashtra there are a total of 132 realty projects which has see a promoter change.
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