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.

By Varun Singh

Parinee Eminence a commercial project by Parinee Group is coming up in Worli.

The project had earlier received funding from Edelweiss group to the tune of Rs 450 Crores.  

Now, Parinee Group has tied up additional funds of Rs 325 Crore from various Investors including a barter tie up for the RCC contract of the entire building.

The existing loans have also been restructured to ensure that all the funds are channelized for the construction of the project

The project was earlier approved under Old DCR Rules of 1991, which now has been revised as per New DCPR of 2034.

The total proposed development is approximately 0.6 million sq. ft. of carpet area and a topline in excess of Rs 2000 crore.

The configuration includes flexible boutique offices catering to all small, mid and large size needs with spaces ranging from 400 sq. ft. to 2200 sq. ft.

The base ticket size starts from as low as Rs 1.50 crore and comprises of approximately 750 units that are planned in the building.

The target group for the project is Mid Size Corporates, SME’s and MSMEs, Start-up Universe, Professionals, Family Offices, Restaurants, etc.

The project being located in Worli gives a view of either WorliSeaface or Mahalaxmi racecourse or the cityscape.

It is first of its kind commercial tower with A+ grade offices utilising 100% commercial FSI

With premium residential projects in and around Worli, the project will cater to the growing Walk to Work concept

The proposed date of completion of the project is March 31, 2026. The project is completed till Plinth Level.

Also Read: Lodha clocks over Rs 550 crore sale in July 2020

The post Parinee Group raises Rs 325 crore for its Worli Project ‘Parinee Eminence’ appeared first on Square Feat India.