BEFORE THE MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY, MUMBAI Virtual Hearing held through video conference as per MahaRERA Circular No.: 27 /2020 suo-MoTU CASE NO.216 0E 2022 LAKHANI PANACHE ...PROIECT NAME LAKHANI BUILDERS PVT. LTD. ...EXISTING PROMOTER SILVERSTONE HOMEMAKERS PVT. LTD. ...NEW PROMOTER MahaRERA Proiect Registration No. P52100007543 Order February 25,2022 (Date of airtualluaing - 23.02.2022, matter resentedfor order) Coram: Shri. Aioy Mehta, Chairperson, MahaRERA None for the existing Promoter Advocate Rajkumar Jagtap for the new Promoter Advocate Parth Chande for the 3 complaints (Allottees) in the Project 1 Lakhani Builders Pvt. Ltd. is the existing Promoter/Developer within the meaning of Section 2 (zk) of the Real Estate (Regulation and Development) Act, 201,6 ("said Act") of Real Estate Regulatory Authority ("RERA'). The Promoter had registered their project "LAKHANI PANACHE" under section 5 of the said Act bearing MAHARERA Registration No. P52100007543 (hereinafter referred to as the "said Proiect"). It is pertinent to note here that the Project nEune LAKHANI PANACFIE has two registrations bearing Project registration No. P52100002873 and the said Project number i.e. P52100007543. However, on perusal of MahaRERA Promoter details web page it is noticed that Phase L or Phase 2 is not mentioned as against the aforesaid Project registration numbers. Further the total villas mentioned in Project No. P521000021373 is 3 (ailla Nos. 29 to 31) and in Project No. P52100007543 is 41, (oilla Nos. 1 to 28, 32 to 43 B 50) 2. On23.02.2022, a virtual hearing was held in the matter wherein the following roznama was passed: Page 1 of 5 \"t "$, "The Adaocate for new Promoter bings to notice thnt tluy are co-Promoter as they are oToners of tlu land. Tlu otlur promoter being tlu inanmbent Promoter. Tlu incumbent Promoter started tlu workbut as tluy could not slnw progress andlunce cancelled tluir agreement. Now the new Promoter has taken charge of tlu Project. Tluy intend to complete tlu Project. TIE MahaRERA completion ilnte is 3L.07.2023. T?u new Promoter brtngs to notice tluy would now lilce to take permission for change of promoter. Tlu Project is in two phnses and the change of promoter is being sort for phase II. The 3 complaints haoe been filed in phase I and tlu new Promoter is willing to settle tlu matter amicably, HoTaeoer, this aspect does not impact pluse I. Afuocnte for tlu 3 complaints (Allottees) in the Project states that in oiew of tlu common project numbers it was not sure as to tlu stafus of tluir premises. TTu ruw Promoter confirms that tluse three bungalows nre in phase II and they would settle tlu matter amicably with tlu 3 Allottees (C-omplainants), Tlu neto Promoter also ensures that in tlu eaent the bungalow numbers are changed then tluy muld fall in dffirent phnse and that they undertalce to settle matter before 23.03.2022. On this assurance tlu 3 Allottees slawswillingness to gtae their consentfur chnngeinpromoterhoweoer tlu commitments made by the new Promoter shallbe on record. Tlrc matter is luard and is reserued for order." 3. Lakhani Builders Pvt. Ltd., the existing Promoter has submitted an application i.e., Annexure A under section 15 of the said Act, for transferring/assigning the rights and liabilities in the said Project i.e. Project No. P52100007543. 4. Further consent of 2/3ra Ailottees has been submitted. Total number of Allottees in the said Project are 13 against the booking of 18 villas and consent letters from 9 Allottees has been submitted. In this regard, it is pertinent to note that the 3 consents are from 3 complaints filed by Allottees against the existing Promoter for villa Nos. 26 to 28 in the said Project. These 3 Allottees have agreed to provide consent for change of promoter on the assurance of the new Promoter that these three villas (bungalows) issue would be settled amicably in the event the villa numbers are changed and could fall in different phase. The new Promoter undertakes to settle the matter before 23.03.2022 (rtf. tfu submission mnde by tlu Respondent furing Luaring dntcd 23.02.2022- roznama). Page 2 of 5 hil\,- 5. The existing Promoter has submitted Annexure B along-with a brief write up on the present stafus of the project, no encumbrance stafus as well as the amount required to complete the project. 6. The new Promoter has submitted the declaration Form -B in which the date for completion of the said Project is stated as 31.07.2023. Further, Annexure C i.e. the joint declaration has also been submitted which shows year wise amounts deposited/withdrawn and the balance available in the designated RERA account. A copy of the cancellation of the development agreement dated 02.09.2027 along-with all ancillary documents therein have also been submitted. 7 The existing Promoter also declares / undertakes that the details furnished are true and correc! that any changes would be immediately informed; that there is no pending case before any Court/NCLT/any authofized body regarding transfer of the Promoter's rights and liabilities in the project, that there is no bar to transfer the rights and liabilities to a third party from any financial institution or financiers who have a charge on the projec! and that there is no prohibitory order passed by *y Court of law against transfer of the existing project in favour of third party. 8. With regard to the change of Promoter sought by the existing Promoter it is pertinent to examine section 15 of said Act. The relevant extract of section 15 is reproduced hereinbelow: "SectionTS: Obligations of promotu in case of transfu of a rcal estate proiect to a third party: @ ru promoter shall not transfer or assign his majority rtghE and liabilities in respect of a real estate project to a third party utithout obtaining prior written consent .from tuto-third allottees, excqt the promotq. and without tlu pior witten apprwal of the Authoity: Prooided that such transfer or assignment shnll not ffict tlu allotment or sale of tlu apartments, plots or buildings as tlu case may be, in tlu real estate project made by the erstwhile promotcr. Explanation - For the purpose of this sub-section, the allottee, irrespectiae of tlu number of apartments or plots, as tlu case may be, booleed by him or booked in the name of his Page 3 of 5 hn-$- family, or in tlu case of otlur ?ersons such as companies or firms or any association of indiaiduals, by wluteoer namc called, booked in its name or booked in tlu name of its associated entities or related enterprises, slullbe considered as one nllottee only. (2) On tlu transfer or assignment being permitted by tlu allottees and the Authority under sub-section (1), the intendingpromoter shallbe'required to indepenilently cornply with all tlu pending obligations undcr tlu proaisions of this Act or tlu rules and regulations made tlureunder, and tlu pending obligations as per tlu agreement for sale entered into by the erstwhile promoter with the nllottues: Prwided tlut any transfer or assignment permitted under proaisions of this section shall not result in extension of time to tlu intending promoter to mmplete tlu real estate project andlu shnllbe required to comply with all tlu pending obligations of the ersfwhile promoter, nnd in case of default, such intending promoter shall be liable to tlu consequences of breach or dclay, as tlu caw may be, as prooided uniler this Act or tlu rules and regulntions made tlureunder." 9 From the plain reading of section 15, it is clear that the transfer of majority rights and liabilities of the Promoter herein in respect of said Project to a third party i.e. the new Promoter shall not happen without obtaining prior written consent from two-third Allottees, except the Promoter. 10. In the present case,9 out of the 13 Allottees have given consent and thus, this Authority is of the view that the transfer of the said Project from the Promoter to the new Promoter namely Silverstone Homemakers Pvt. Ltd. can be permitted and thereby allow the change of Promoter to be carried out in the said Project i.e. Project No. P52100007543. However, it is observed that the new Promoter i.e. Silverstone Homemakers Pvt. Ltd. shall be required to independently comply with all the pending obligations under the provisions of the said Act or the rules and regulations made thereunder, and the pending obligatiorui as per the agreement for sale entered into by the Promoter with the Allottees in the said Project. FINAL ORDER Thus, Silverstone Homemakers Pvt. Ltd. is permitted as the new Promoter for the said Project i.e. Project No. P52100007543. Needless to say, that Silverstone Homemakers Pvt. Ltd. shall be required to independently comply with all the pending obligations Page 4 of 5 under the provisions of the said Act or the rules and regulations made thereunder, and the pending obligations as per the agreementfor sale entered into by the Promoter with the Allottees in the said Project. Further, Silverstone Homemakers Pvt. Ltd. shall complete the said Project on or before the completion date i.e.31,.07.2023 and handover possession to all the Allottees of the said Project. Silverstone Homemakers Pvt. Ltd. is also directed to submit PERT CPM charts about the milestones to be achieved with respect to the completion of the said Project in a time bound manner and also submit quarterly progress reports of achievements of such milestones and/ or delay if any, to MahaRERA, all the Allottees and/ or the AOR if formed of the said Project. YUL Chairperson, MahaRERA Page 5 of 5