Co-Promoters are now Promoters under Maharashtra RERA

maha reraBy Accommodation Times Bureau

Mumbai 4th Dec 017: Maharashtra Real Estate Regulatory Authority has converted all Co-promoters into Promoters ( Land Owners/ Investors) . In its circular 13/2017 dated 4th Dec 2017, the Authority said “Wrhereas, for the case of filing online registration application and for the benefit of consumer it was necessary to distinguish and/or identity whether such Promoter is the land owner, investor OR is the one who has actually obtained/ obtaining the building permissions for carrying out the construction and has been/ is in fact carrying out construction. Therefore, such promoters have filed applications showing land owners, investors as ‘Co-promoters’ in accordance with MahaRERA Office Order No. MahaRERA/LA/32/2017 dated 11th May,2017. Accordingly, about 4346 projects have already been registered with such land owners/ investors as ‘Co-promoters’. They shall now be known as ‘Promoters (land owners/ Investors)’. The necessary changes in this regard have been effected on MahaRERA web site Therefore, directions contained in MahaRERA Circular No.12 of 2017 shall mutatis mutandis apply to such projects too. ”

For all those who have registered co-promoter, by virtue of this circular have become main promoter with all duties, liabilities and responsibilities of main promoter. In its Office Order dated 11th May 2017 RERA/LA/32/2017, Maha RERA had defined Co-promoters who have substantial interest in projects needs to be registered as co-promoters.

The 4th Dec 2017 circular have categorically included investors also as promoters. By virtue of this circular all land lords and investors have become promoter of the project.

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