Photo of Amit H Wadhwani

Director in the Real Estate Practice at the Mumbai office of Cyril Amarchand Mangaldas. Amit has over ten years of experience in the Real Estate Sector. He specializes in commercial, retail and residential real estate transactions including conveyancing, joint development and development management contracts and leases. In addition to the above, he also advises clients on title of real estate property and various Government regulations and policies such as MIDC regulations, IT/ITES policies, special economic zones, environmental laws relating to construction and many more. He can be reached at amit.wadhwani@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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