Summary:
A developer is allowed to transfer his rights and liabilities in an ongoing project to a new developer, provided he has the consent of two-thirds of the allottees and approval of the MahaRERA authority. However, the Maharashtra Real Estate Regulatory Authority now has added new conditions – the new developer will upload a registered undertaking that he shall comply with all the promises made by the erstwhile builder to the homebuyers. The original developer will also have to submit a form where he will have to declare that there's no litigation pending, at any court including NCLT. MahaRERA secretary Vasant Prabhu said that the law allows such transfer, but we formulated the procedure so that home buyers do not suffer. The authority has taken care to ensure that after the transfer, the new developer sticks to the commitments made to the previous builder..