MahaRERA Appoints Chandak Realtors As New Promoter Of Anantya After Former Promoter Failed To Implement Project

The Maharashtra Real Estate Regulatory Authority (MahaRERA) bench, comprising of Ajoy Mehta (Chairperson), Mahesh Pathak (Member) and Ravindra (Member), has appoints Chandak Realtors Private Limited as the new Promoter of the Anantya 1A & 1B Project located in Kurla after the former promoter failed to implement the Slum Rehabilitation Authority (SRA) Scheme for the redevelopment of three societies. Background Fact The existing promoter (Radius & Deserve Builders LLP) was responsible for the development of Anantya 1A & 1B, within which the redevelopment of three societies - Om Ganesh Nagar SRA Cooperative Housing Society Limited, Ekta SRA Co-operative Housing Society Limited, and Jai Hanuman Nagar SRA Cooperative Housing Society Limited, which was planned by the Slum Rehabilitation Authority (SRA). Dissatisfied with the existing promoter's performance, the three societies filed an application under section 13(2) of the Maharashtra Slum Areas Improvement Clearance and Redevelopment Act, 1971, seeking the removal of the existing promoter. Responding to the application, on 20.09.2021, the SRA revoked the existing promoter's developer status and permitted the three societies to pass a general body resolution to terminate the existing promoter and appoint a new developer of their choice. Consequently, on 29.01.2023, during a general body meeting held in the presence of the Assistant Registrar, SRA, the three societies terminated Radius & Deserve Builders LLP as the developer for the SRA scheme of redeveloping the three societies and appointed Chandak Realtors Private Limited as the new developer. Subsequently, on 12.04.2023, the SRA issued a revised Letter of Intent (LOI) confirming the appointment of Chandak Realtors Private Limited as the developer to execute the SRA scheme for the redevelopment of the three societies. In light of these developments, the incoming promoter filed an application before MahaRERA seeking orders to be appointed as the promoter, to open a new bank account enabling them to function as the promoter, to gain access to the RERA portal, and the liberty to file fresh details in order to comprehensively define the project as required under the RERA. MahaRERA Order The Authority held that the change of promoter applications is not maintainable under Section 15 of RERA. Section 15 is applicable in cases where there is a transfer of a real estate project from an Existing Promoter to a new developer. However, in this case, the Existing Promoter is not voluntarily transferring the real estate project. The Existing Promoter was terminated by three societies and SRA on account of various defaults and failures to implement the SRA scheme for the redevelopment of the three societies. The Authority held that it recognizes that it has no role in regulating the rehabilitation housing for slum dwellers. However, the Authority cannot overlook the fact that there is a need to ensure that slum dwellers are provided with flats as soon as possible. For that purpose, they require a promoter, as every project must have a promoter, either a private or a government entity, to carry the project forward and deliver the promised homes, which is in the interest of the consumers. Therefore, the Authority appointed the Incoming Partner as the new promoter of Anantya 1A & 1B. The Authority directed the Incoming Partner to apply for fresh registrations of the Project and to establish a new designated bank account in accordance with the provisions of the RERA 2016. Additionally, the Authority directed the Existing Promoter to not engage in any advertising, marketing, booking, selling, or offering for sale, nor to invite individuals to purchase any flat within the Project.Existing Promoter - Radius & Deserve Builders LLP Incoming Promoter - Chandak Realtors Project Name - Anantya 1A & 1B Project Registration No - P51800005533 & P51800009827 Click Here To Read/Download Order

MahaRERA Appoints Chandak Realtors As New Promoter Of Anantya After Former Promoter Failed To Implement Project

Aryan Raj

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