Query regarding maharera for change of co promoter stake

if promoter buys stake of co-promoter (Revenue share) after registration with rera what is the process with maharera for change of CO promoter stake and waht are the consequences.

Answers (1)

250 votes

Section 15 inter-alia states that 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-thirds of the allottees, except the promoter, and without the prior written approval of the Authority.
In case a transfer is initiated by a third party such as a financial institution or creditors or by operation of law or by enforcing the security and where such details such as loan and charge on the real estate project is disclosed in the registration details on the website of Maha RERA, then in such cases the promoter shall write to the Secretary of Maha RERA within 7 days of being aware of impending or potential transfer arising out of enforcement of security or mortgage.

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