MahaRERA to give a share of revenue named ‘promoters’ to Landowners

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has said that it is to give a share of revenue named ‘promoters’ to the Landowners.

The landowners are going to get a share of the total revenue from the sale of apartments or a project marketed or sold and they will be treated as promoters.

Government authority in order has issued landowners of nearly 4,345 projects registered as they being co-promoters and will be mentioned as promoters. Their liability will be decided based on whether they are landowners or investors.

As per the order, a landowner will be accountable as a developer if he has taken the area of a project and not cost.

As per one of a MahaRERA official, “It was necessary for the consumers’ benefits to distinguish or identify whether such a promoter is a landowner, investor or is the one who has actually obtained the building permissions for carrying out the construction work.”

Shantilal Kataria, Credai-Maharashtra president said, “The specification clears the doubts for the consumers and as well as the developers. If a person is only a landowner and has no area share, he is not liable as the builder.”

It has been observed that the new set of rules has seen MahaRERA use the word “promoter” as per the Real Estate (Regulation and Development) Act, 2016. It will not use the word “co-promoter” and make a landowner liable only if s/he has shares in a project.

The Confederation of Real Estate Developers’ Associations of India (Credai) has requested the housing and urban affairs department to facilitate the successful implementation of the Real Estate Appellate Tribunal under Section 43 of the RERA Act.

Also Read:- SafeKeys: Organizing Clients’ Properties with a Range of Property Management Services

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