Developers will need two-thirds consent of allottees before transferring a project

The authority believes that with a new ruling, a builder will not be able to dupe allottees

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) stands tall with home buyers by coming out with a new ruling against builders.

According to the new ruling, if a developer is seeking to transfer or assign his rights of a project to another builder, then he should have the two-thirds consent of the allottees. While doing so, he will also have to inform MahaRERA authority.

The authority believes that with a new ruling, a builder will not be able to run away from his responsibility.

The new rule reads, "In accordance with Section 15 of the Real Estate (Regulation and Development) Act, 2016, 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, and without the prior written approval of the Authority."

After applying for the transfer, the MahaRERA will scrutinise and then will grant the approval within a month or will deny the same. However, the authority has made an exception in terms of a company who wants to change from a partnership to a private limited company.

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