Photo of Abhishek Sharma

Partner and Co-head of Real Estate Practice at the Mumbai office of Cyril Amarchand Mangaldas. Abhishek has over 16 years of experience and specializes in commercial and retail real estate transaction across India. He advises various domestic and international clients such as corporate houses, developers, real estate funds, high networth individuals, international property consultants in relation to land acquisition, special townships, special economic zones, information technology parks, retail malls, agricultural lands, residential and commercial buildings etc.

Abhishek is a qualified Solicitor. He has been recognized as an “Up and Coming” Real Estate Lawyer by Chambers & Partners in their 2017 Rankings and also as an outstanding Partner for Real Estate in its 2018 Edition of the Client Guide – Asia Pacific Leading Lawyers for Business. He can be reached at abhishek.sharma@cyrilshroff.com

 Recent Maha RERA Directions on Change in Promoter

The real estate sector post enactment of the Real Estate (Regulation and Development) Act, 2016 (Act) is witnessing major consolidation primarily on account of financial constraints faced by small and mid-sized developers. Such consolidation has resulted in developers looking to either exit from their existing projects or enter into collaboration with large established developers for completing such projects.

Hence, in the present scenario, it is of the utmost importance for the industry to know the present legal regime under RERA dealing with new developers / promoters taking over an ongoing projects from existing promoters or from lenders during the process of enforcement of their security over the project.
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 Maharera Amendment Rules 2019

Since the enactment of Real Estate (Regulation and Development) Act, 2016 (Act), Government of Maharashtra (GoM) was one of the few States to immediately frame the rules thereunder being 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 (Rules). The Maharashtra Real Estate Regulatory Authority (MAHA RERA) has been taking the lead to enforce and/or provide clarifications from time to time on the Act and the Rules by issuing various circulars and orders. Recently, the GoM has issued a notification on June 6, 2019 amending certain provisions of the Rules (Amendment Rules).
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