According approval for transfer of a Real Estate Project to a Third Party, Regulation, 2021

According approval for transfer of a Real Estate Project to a Third Party, Regulation, 2021

Department of Urban Development
Goa Real Estate Regulatory Authority

__________
Notification
1/RERA/Regulations of GRERA/2020/3

In exercise of the powers conferred by section 85(2) (i) and (h) and section 34(e) of The Real Estate (Regulation and Development) Act, 2016, hereby makes the following regulation, namely:

1. Short title and commencement.— (1) These regulations may be called According approval of transfer of a real estate project to a Third party, Regulation, 2021.

(2) They shall come into force at once.

2. Definitions.— (1) In these regulations, unless the context otherwise requires,-

(a) “Act” means the Real Estate (Regulation and Development) Act, 2016;

(b) “Chairperson” means the Chairperson of the Goa Real Estate Regulatory Authority appointed under section 21;

(c) “Section” means a section of the Act.

(d) “Authority” means the Real Estate Regulatory Authority established under sub-section (1) of section 20.

(e) “Allottee” means— as defined under section 2 and sub-section (d) of the Act.

(f) “promoter” means,— as defined under section 2 and sub-section zk (i) (ii) (iii) (iv) (v) & (vi) of the Act.

(g) “building” means as defined under section 2 and sub-section (j) of the Act.

3. Words and expressions used in these regulations but not defined shall have the same meaning as respectively assigned to them in the Act.

4.1. The obligations of promoter in case of transfer of a real estate project to third party is governed under section 15(1) and (2) of the Real Estate (Regulations and Development) Act, 2016. The highlights of the section are as following:

(i) Prior written consent from two-third allottees except the promoter, as well as prior written approval of the Authority is mandatory for transfer or assign majority rights and liabilities to a third party by a promoter in respect of a real estate project.

(ii) Such transfer or assignment shall not affect the allotment or sale of the apartments, plots or buildings made by the erstwhile promoter.

(iii) The allottee means in this sub-section is irrespective of the number of apartments or plots, booked by him or booked in the name of his family, or in the case of other persons such as companies or firms or any association of individuals, booked in its name or booked in the name of its associated entities or related enterprises, shall be considered as one allottee only.

(iv) After transfer or assignment, the intending promoter shall be required to independently comply with all the pending obligations under the provisions of this Act or the rules and regulations made thereunder, and the pending obligations as per the agreement for sale entered into by the erstwhile promoter with the allottees.

(v) The transfer or assignment permitted under provisions of this section shall not result in extension of time to the intending promoter to complete the real estate project. In case of default the intending promoter shall be liable to the consequences of breach or delay, as provided under this Act or the rules and regulations.

4.2. This Authority is receiving cases of registered real estate project for transfer or to assign rights to the Third party. Therefore the following regulations laid under section 85 (2) (i) and (h) and section 34 (e) of the Real Estate (Regulation & Development) Act, 2016, for seeking online approval of the Authority:

(a) Submit prior written consent of two – third allottees if any, except the promoter.

(b) Submit details of the promoter (third party) in online prescribed format.

(c) Submit Development Agreement signed between the promoter and the third party duly registered by the competent Authority laying down role and responsibilities of each party.

(d) Submit draft copy of Agreement for sale as per ‘Model form of Agreement’ as per rules in force. [See Rule 10(1)] Model Form of Agreement to be entered into between promoter and Allottees.

(e) Submit a fresh ‘Affidavit cum declaration’ in prescribed format (Form II) on stamp paper of value not less than Rs. 500/- with all details. [see Rule 3(6)] Form of Declaration supported by an Affidavit which shall be signed by the Promoter or Any person Authorised by the Promoter.

(f) Submit Annual Report and quarterly update status as prescribed under section 11 of the RERA (Act), 2016.

(g) Submit latest CA certificate with ‘Annexure A’ regarding status of sale proceedings of the project (Annexure-I).

(h) Fee of Rs. 10,000/- (Ten thousand only) shall be levied for transaction.

5. These regulations will be reviewed from time to time by the Authority keeping in view the exigencies or requirement.

S. KUMARASWAMY, IAS (Retd).
Chairperson, Goa RERA.

Place: Panjim.
Dated: 18th March, 2021.


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