November 20, 2017

 

MUMBAI : In an effort bring about greater transparency in realty, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has asked promoters of construction projects to seek its consent as well as that of two thirds of home buyers before handing over ownership of a project to a third party.

The new rules put the onus of seeking such permission on promoters even in cases of forcible acquisition of rights by financial institutions.

As per a circular issued by the regulator on November 8 to builders, 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 (home buyers), except the promoter, and without the prior written approval of the authority.”

The circular cites Section 15 of Real estate (regulation and Development) Act to justify such provisions.

MahaRERA will approve or reject such requests within one month of submission of application.

If approved by MahaRERA, the new promoter will have to then make necessary corrections in the registration details on its portal and the new promoter will also have to upload a registered undertaking stating that they will comply with all obligations under agreement of sale executed by the promoter with the home buyers of the project.

In cases where the transfer is initiated by third parties like financial institutions or creditors by operation of law or by way of enforcement of security, the onus still remains on the promoter who is the entity registered with MahaRERA.

The promoter will have to alert the realty regulator within seven days of being aware of the potential transfer and inform all home buyers of the project.

In case of a forced acquisition, the promoter will have to alert the realty regulator within seven days of being aware of the potential transfer and inform all home buyers of the project

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Source: economictimes.indiatimes.com