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.

Also Read: Builder cancels booking, MahaRERA orders refund

The post Homebuyers Beware? MahaRERA Rules New Developer Not Liable for Old Promoter’s Defaults appeared first on Square Feat India.

“Even when the financial condition of the state was not so conducive to kickstart the real estate sector, the state government for a limited period reduced the stamp duty to 3% initially, which was further brought down to 2%. This gave a huge boost to the real estate sector,” stated Balasaheb Thorat, Minister of Revenue, Govt. of Maharashtra at the inaugural speech of National Real Estate Development Council (NAREDCO), Maharashtra’s flagship event held in the last week of April, The Real Estate Forum 2022. The one-day event, which took place at Hotel Trident in Mumbai, was attended by the biggest names in the real estate industry. It commenced with the lighting of the lamp.

Thorat also spoke about the role of the sector during the pandemic. “The real estate sector has played an important role in mobilising help during the difficult COVID-19 pandemic,” he said, adding, “With the opening up of the economy, the government decided to offer help and support to all sectors impacted by the pandemic. Several projects like the Mumbai metro, trans harbour line, Navi Mumbai airport and Samruddhi project which would benefit the common citizens were brought back in focus.” The State Revenue Minister also touched upon the topic of amnesty scheme and its significance. He said, “The amnesty scheme will help people pay the correct stamp duty as well as get a waiver on it. Under this scheme, people would be eligible for 90 percent of waiver of penalty in certain cases. This would also help generate revenue for government.”

Ajoy Mehta, Chairman, MahaRERA, who was the guest of honour at the event, elaborated on the future of regulation of real estate in Maharashtra. “The regulation begins from agreement of sale. It’s the most critical document as a regulator for us as it apportions the risk between the buyer and seller. That document decides the price, which is directly correlated to risk. Our role is to ensure apportionment of risk is fair to both. There should be transparency between the seller and the buyer,” he said, adding, “We have 32,000 projects registered in Maharashtra. It’s huge as you have almost 6,000 projects are getting registered every year. So the need to exercise regulatory on this and that is something we are starting in a big way soon.” He also spoke of his goals to achieve zero-litigation and regulatory approvals go online and on time.

Sandeep Runwal, President, NAREDCO Maharashtra & MD, Runwal Developers, applauded government’s initiatives like stamp duty reduction and concession premium reduction that have put the industry back on track. He said, “Real estate industry has grown through a lot of issues right from demonetization to GST implementation. However, if 2010 was the year of builders, I see 2030 as a decade that will be consumer centric.  It’s going be a decade of real estate as we are seeing huge investment coming in as well as new construction techniques. Collaboration with government will be very important.”

Rajan Bandelkar, President, NAREDCO, Director, Raunak Group lauded MahaRERA’sorder of Conciliation Forum. He added, “During the time of COVID, the government has provided oxygen for the people. In the same way, the Maharashtra government provided oxygen to the real estate industry by reducing Stamp Duty. My humble request is to repeat the same thing and provide oxygen to the industry again.”

Dr Niranjan Hiranandani, Vice Chairman, NAREDCO & Co-founder, Hiranandani Group appreciated the role of the government as well as MahaRERA, which he believes will be instrumental in the changing the face of Mumbai and Maharashtra region.“The development, which we are seeing in terms of metro, railway expansion and the new airport at Navi Mumbai, will change the face of Mumbai, in fact the entire region of Maharashtra. I am sure these initiatives will open up opportunities for the industry to grow as well as be responsible,” he said.

Abhay Chandak, Secretary, NAREDCO Maharashtra & Promoter, Chandak Group, summed up the future of real estate sector in his address, when he said, “Real estate sector is showing great recovery thanks to historic decisions taken by the Government of Maharashtra. Further, COVID has also led to revolutionary changes in the functioning of the society and digital has become the new norm. With so many changes, the real estate sector needs to also go through reimagination, reinvention and revolution.”

The inaugural session came to an end with a vote of thanks by Venkatesh Gopalakrishnan, Vice President, NAREDCO Maharashtra, CEO, Shapoorji Pallonji Real Estate. A research report by NAREDCO and JLL, titled ‘Reimagining, Reinventing and Redefining Real Estate 2030’, was also launched at the event, which had JLL as a knowledge partner.

Also Read: Mumbai in March Generates Over ₹1k Crore from Stamp Duty

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