In a suo moto order, the housing regulator Maharashtra Real Estate Regulatory Authority (MahaRERA) granted permission for change of promoter for Powai housing project Kanakia Future City, without the 2/3rd consent of home buyers of the project as mandatory under RERA following a de-merger order from the National Company Law Tribunal.
Section 15 of the Real Estate (Regulation and Development) Act states that 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 2/3rd allottees and without the prior written approval of the authority.
The Kanakia Group's Kanakia Spaces Realty Pvt Ltd had approached MahaRERA seeking exemption from taking the consent of the allottees to change the promoter.
