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Nikhilesh Barik

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Senior Associate in the Real Estate practice at the Delhi office of Cyril Amarchand Mangaldas.  Nikhilesh has over five years of experience in the Real Estate Sector this includes advising real estate funds, public sector undertakings, financial institutions, developers and operators in a broad range of business arena.

His practice areas include advising on all aspects of investments into real estate projects, acquisition and development of residential, commercial and industrial properties, creation of security, sale and purchase of real properties, commercial leasing and in pursuance thereto undertaking due diligence, structuring, negotiation and documentation of the transaction.  He can be reached at nikhilesh.barik@cyrilshroff.com.

 

Real Estate Collaborations & Significance of Corporate Due Diligence 

Introduction

India’s real estate sector has been witnessing critical changes since the last few years, including the promulgation of the Real Estate (Regulation and Development) Act, 2016 (the “RERA Act”). The implementation of the RERA Act has pushed the sector to organise and standardise operations and management of real estate entities. The checks and balances imposed by the RERA Act and liquidity crunch faced by the real estate market has forced the dislodgment of small and unorganised players. Owing to such changes, the real estate market is now witnessing a phase of consolidation and collaboration.
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No Occupancy Certificate - Criteria for Registration with RERA

The Maharashtra Real Estate Regulatory Authority (MahaRERA) in its recent order has held that mere non-procurement of an occupancy certificate by a developer does not make the developer liable to register the real estate project[1] under Section 3 of the Real Estate (Regulation and Development) Act, 2016 (Act).

This order has been passed following a complaint filed by Sulatana Dalal (Complainant) against Asia Group (Developer), before MahaRERA in relation to a project named as ‘Miracle Mall’ situated at Bhiwandi, Thane, Maharashtra. The Complainant’s contention was that even though the building was completely occupied, the Developer had failed to obtain an occupation certificate and committed breach of law. Against this background, the Complainant sought directions from MahaRERA to register the building under the provisions of the Act. 
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