dear sir/madam
a land owner and developers have entered into joint development agreement where developer will give 50% of flat and shop to landowner
pl advise whether Land owner is also a co-promoter while project registration.
and also whether
The MahaRERA has made the landowner equally liable as the builder. The Authority has declared in his order issued on 11th December 2017 that the landowners equally liable are to getting the share of profit from the sold or advertised apartments or projects. The landowner is will be liable as a developer if they have taken the areas of a project and not cost.
Authority of MahaRERA said, “the ‘Promoter’ is a landowner, investor or a person who obtained the permission to construct the building.” According to the records, nearly 4346 projects have already registered as ‘Co-promoter (landowner/ investor)’ but now after the issuing of this order they will know as ‘Promoter’ and their liabilities and duties will be as equal as the main promoter.
Extract from the circular:::
""Therefore, it is directed that
(1) Such individualsl organizations who fall within the aforesaid definition of the term 'Promoter' on account of being landowners or investors, shall be specified as such, at the time of online registration with MahaRERA.
(2) Though liabilities of such land owner Promoter or investor Promoter shall be as co-terminus with the written agreement / arrangement governing their rights in the real estate project, for the purpose of withdrawal from the designated bank account of a real estate project, the obligations and liabilities of all such Promoters shall be at par with each other.
(3) A copy of the written agreement or arrangement between Promoters (whether landowner or investor) which clearly specifies and details the rights and shares of each Promoter, should be uploaded on the MahaRERA website, along with other details for public viewing.
(4) Such landowner Promoter and investor Promoter should also submit declaration in Form B of Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, rates of Interest and Disclosures on website) Rules, 2017.
(5) Further each such landowner Promoter or investor Promoter, who is entitled to a share of the total area developed, should also open separate bank account for deposit of 70% of the sale proceeds realized from the allottees of their share""
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