MahaREAT - Society That Owns Land On Which It Is Established and Authorizes Developer For Redevelopment Falls Under Definition Of Promoter
4 days, 17 hours ago

MahaREAT - Society That Owns Land On Which It Is Established and Authorizes Developer For Redevelopment Falls Under Definition Of Promoter

Live Law  

Maharashtra Real Estate Appellate Tribunal, comprising Justice Shriram R. Jagtap and Shrikant M. Deshpande has held that society owning land and authorizing a developer for redevelopment falls under the definition of Promoter under Section 2 of RERA,2016. Issues before Tribunal 1.Whether Society falls under the definition of Promoter as defined under Section 2 of the RERA, 2016? Observation and Direction by Tribunal The Tribunal held that the society is a promoter because it invested its land in the project and authorized the developer to construct both the rehab and sale components, benefiting from the construction of the rehab building for its members. The Tribunal set aside the ₹15 lakh penalty imposed on the society, holding that there was no violation of Section 15 of the RERA Act, 2016.

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History of this topic

MahaRERA Appoints Chandak Realtors As New Promoter Of Anantya After Former Promoter Failed To Implement Project
9 months ago

MahaRERA Appoints Chandak Realtors As New Promoter Of Anantya After Former Promoter Failed To Implement Project

Live Law  

The Maharashtra Real Estate Regulatory Authority bench, comprising of Ajoy Mehta, Mahesh Pathak and Ravindra, has appoints Chandak Realtors Private Limited as the new Promoter of the Anantya 1A & 1B Project located in Kurla after the former promoter failed to implement the Slum Rehabilitation Authority Scheme for the redevelopment of three societies. Background Fact The existing promoter was responsible …

Investors In Real Estate Projects To Have Equivalent Liability As Promoters
2 years, 5 months ago

Investors In Real Estate Projects To Have Equivalent Liability As Promoters

Live Law  

In a recent order pronounced on June 30, 2022, by the Maharashtra Real Estate Regulatory Authority in the matter of 'Rare Township Private Limited vs IIRF India Realty VIII Ltd', the investor IIRF India Realty VIII, which had made investments in Rare Township Private Ltd. has been put in the same bracket as the management of the company because MahaRERA …

RERA Regime – Landowners & Promoters
4 years, 1 month ago

RERA Regime – Landowners & Promoters

Live Law  

Since the advent of the Real Estate Act, 2016, the authorities constituted thereunder ") have shown great resilience and adaptability in their approach in dealing with complex issues arising in matters of real estate, wherein multiple parties and stakeholders are involved. Explanation.—For the purposes of this clause, where the person who constructs or converts a building into apartments or develops …

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