MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY
No. MahaRERA/Secy./File No. 27/539 /2017
MahaRERA Circular No: 13/2017
Sub: Co- Promoter is known as Promoter (Land owner/ Investor)
Re: 1. Office Order No. MahaRERA/LA/32/2017 dated 11th May 2017 issued by the MahaRERA Authority
2. Order dated 14th November 2017 passed by the Hon’ble Bombay High Court in Writ Petition (L) No. 2023 of 2017
3. MahaRERA Circular No 12 dated 04th December 2017
Whereas, under Section 37 of the Real Estate (Regulation and Development) Act, 2016 (“said Act”) the MahaRERA is vested with the power to issue directions from time to time to the promoters, allottees or real estate agents, as it considers necessary from time to time.
Whereas, the Chairperson, MahaRERA is also vested with the power of general superintendence and directions in the conduct of affairs of the Authority under Section 25 of the said Act.
Whereas, under powers granted to the MahaRERA and its Chairman under the aforesaid provisions of the said Act and since the MahaRERA considers it necessary in the interest of the promoters and the allottees, the present Circular is issue exercising powers under the aforesaid provisions of the said Act.
Whereas, during the online registration process, especially for on-going projects, it was observed that several developers (who actually obtain building permissions and construct) of the real estate project have entered into arrangement with individuals/ organizations are entitled to a share of the total revenue generated from sale of apartments or share of the total area developed for sale which are also marketed and/ or sold by such individuals/ organizations.
Whereas, 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 https://maharera.mahaonline.gov.in. Therefore, directions contained in MahaRERA Circular No. 12 of 2017 shall mutatis mutandis apply to such projects too.
This shall be applicable with immediate effect.
By the approval of Chairperson, MahaRERA
(Dr. Vasant Prabhu)