A total of 55 projects have seen a change of promoter approved by two third consent of allottees under RERA. The first change was carried out in 2018, the latest being September 2020.
By Varun Singh
Till date a total of 55 projects have seen a change of promoter that has been approved by two third consent of allottees.
The first project that saw a change in promoter was in February 2018, whereas the latest one was in September 2020 where the old promoter was Welvan Securities Pvt Ltd, and the new promoter is Samirath ‘Infra Pvt Ltd.
The list of the 55 projects that saw a change of promoter can be viewed here.
The 55 projects where the change of promoter has been carried out also includes top names of the real estate industry.
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.
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