Change of Developer

Change of Developer

The Act has laid down a procedure to assign or transfer his majority rights and liabilities in a real estate Project to a third party.

The basic criteria for change of Promoter of a real estate project are:

1. Written approval from the Authority and

2. Consent from the two-third allottees.

There are certain cases where the rights of the allottees are not getting affected and hence shall note be covered under the provisions of change of developer:                                    

a. Change in the internal share holding pattern of the promoter organisation

b. Any conversion of the Promoter entity such as

• Partnership Firm into LLP/Private Limited Company
• Conversion of Private Limited Company or Unlisted Company into LLP or otherwise
• Proprietorship change by succession to legal heirs..

Also there are cases where transfer is initiated by a third party like financial institution/creditor,etc by operation of law or by way of enforcing of the security.In the cases where such charge has been declared by the promoter at the time of registration or subsequent updates , then a written communication has to be made to the authority within seven days and also the same has to be shared to all the allottess of the project

The subsequent updates and corrections shall then be made by the new Promoter.

What makes us different

What sets us apart is our extensive knowledge and expertise in the RERA Act, which enables us to provide end-to-end assistance to our clients. We understand that each case is unique, and we devise customized solutions that cater to the specific needs of our clients. We also believe in transparency and keep our clients informed at every stage of the process. Our team of experts works tirelessly to ensure that our clients get the best in class services they deserve, well within the provisions of the RERA Act.