Section 15 of RERA : Section 15: Obligations Of Promoter In Case Of Transfer Of A Real Estate Project To A Third Party

RERA

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Explanation using Example

Imagine that Mr. Sharma is a promoter of a housing project called "Sharma Residency," which is still under construction. He has sold 60% of the apartments to various buyers. Due to financial difficulties, Mr. Sharma decides to transfer his rights and responsibilities of the project to another developer, Mr. Gupta. According to Section 15 of The Real Estate (Regulation and Development) Act, 2016, Mr. Sharma must obtain the prior written consent of two-thirds of the apartment buyers (allottees) before he can proceed with this t...

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