In a landmark order that could reshape stalled slum rehabilitation projects across Maharashtra, MahaRERA has allowed a new developer to take over the Parinee Eminence Phase 1 project in Worli without inheriting the liabilities of the previous promoter. The ruling in Regulatory Case No. 485 of 2026 (dated May 5, 2026) effectively gives incoming developers under the SRA Amnesty Scheme a relatively clean slate.
The project — registered as P51900015555 — had been stuck for years under Om Omega Shelters Private Limited. Construction halted, transit rent to slum dwellers went unpaid, and the original promoter was terminated by the Slum Rehabilitation Authority (SRA) on March 15, 2024, under the state government’s Amnesty Scheme. Edelweiss Asset Reconstruction Company (EARC) and its nominee, Mahadev Realtors Worli LLP (formerly Anantya Buildcon LLP), authorised by the lender, was appointed.
Mahadev Realtors applied for fresh RERA registration, seeking to start anew without being saddled with the old promoter’s obligations to hundreds of homebuyers who had already booked units.
Why Section 15 of RERA Cannot Be Invoked
Homebuyers and intervenors argued that this was a “transfer” under Section 15 of the Real Estate (Regulation and Development) Act, 2016, which requires:
- Prior consent of two-thirds of allottees, and
- The new promoter to fulfil all pending obligations of the old promoter.
MahaRERA rejected this contention outright. The Authority clarified that Section 15 applies only to voluntary transfers initiated by the existing promoter. In this case:
- The old promoter (Om Omega Shelters) was terminated by the SRA for defaults.
- The new promoter was statutorily appointed by the SRA and the Housing Department under the Amnesty Scheme.
- There was no agreement or assignment between the old and new promoter.
Therefore, the statutory preconditions of Section 15 (consent and automatic transfer of liabilities) do not apply. The new developer is not stepping into the shoes of the old one through a private deal — it is a fresh appointment by the planning authority.
Honest Reality for Previous Homebuyers: No Direct Claim on New Developer
MahaRERA was blunt: Homebuyers who purchased units from Om Omega Shelters will not get their homes from Mahadev Realtors.
There is no privity of contract between the previous allottees and the new promoter. The incoming developer has no legal obligation to honour the old Agreements for Sale, refund money, or deliver possession of those specific units.
Instead, the Authority has protected buyers through an alternative mechanism:
- The original RERA registration (P51900015555) has been kept in abeyance (suspended but not cancelled).
- A lien has been imposed on the money that EARC/new developer must pay the old promoter for past construction expenses (as directed by SRA).
- Old allottees can continue to pursue claims against Om Omega Shelters before MahaRERA.
- The old promoter is barred from selling any more units or advertising the project.
EARC itself was held not to be a promoter under RERA — it remains only a lender.
What the Order Allows
- Mahadev Realtors Worli LLP will receive a fresh RERA registration after completing formalities.
- It can open a new designated project bank account and proceed with construction and marketing of the sale component.
- The project can finally move forward after years of delay.
The Authority emphasised that this approach balances the need to revive stalled SRA projects (which serve both slum dwellers and the larger public interest) with protecting existing allottees through the lien and continued oversight of the old promoter.
Broader Implications
This order is likely to encourage more lenders and new developers to step into stalled SRA schemes under the Amnesty Scheme without the fear of being dragged into endless litigation over past sales. For homebuyers in similar projects, it sends a clear message: always verify the promoter’s status before investing, and understand that statutory interventions can alter contractual rights.
The full order is available on the MahaRERA website under Regulatory Case No. 485 of 2026.
