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Promoters Asked To Notify MahaRERA, Buyers before Selling Majority Stake

The new rules put the onus of seeking such permission on promoters even in cases of forcible acquisition of rights by financial institutions.

As per a circular issued by the regulator on November 8 to builders, the promoter shall not transfer or assign his majority rights and liabilities in respect of a real estate project to a third party “without obtaining prior written consent from two-third allottees (home buyers), except the promoter, and without the prior written approval of the authority.

Source: Mumbai Mirror