By Accommodation Times Bureau
In an Affidavit filed before the Division Bench of Bombay High Court consist of Mr Justice Naresh Patil and Mr Justice Rajesh Ketkar, Maharashtra Real Estate Regulator ( Maha RERA) Secretary Mr Prabhu said that the Order passed by Maha RERA previously which made societies and plot owners as Co-promoters is been withdrawn by the authority.
The Order in question was under a petition filed by Owner of three-acre plot on the Goregaon-Mulund Link Road, Mulund West challenging the order where Maha RERA made him party to the project by virtue of definition it had propounded in its notes and explanation to define co-promoter.
In the Order, Maha RERA had gone to define the term “Co-Promoter” under the Real Estate ( Regulation and Development) Act 2016 to mean plot owners and organisations which have signed a Development Agreement with the builder. Such entities had to register under RERA as co-promoters and were to be liable for defaults committed by the builder, said the counsel for petitioner.
The petitioner maintained that Maha RERA is not empowered to define and explain the terms of Central Act. On 14th Nov, the matter was heard and Maha RERA through Affidavit informed the Hon’ble Court that it had withdrawn the Order in question.
With this, thousand of societies in Maharashtra and huge number of plot and land owners including property owners for redevelopment took a sigh of relief as to lock in funds as a co-promoters.
The next question, to Maha RERA is gearing momentum is is financial institutions and NBFC co-promoters?