Unveiling Artistry: Promoters and Development Managers in Real Estate
Keywords:
Real estate (regulation and development) act, 2016 (Rera), parties accountable, promoting transparency, protection for homebuyers, real estate industryAbstract
The case study of Mumbai Dreams: Olympia C D explores a legal dispute concerning the identification of a promoter under the Real Estate (Regulation and Development) Act, 2016 (RERA). The case examines whether a development manager can be considered a promoter and held liable for obligations under RERA. After careful analysis, the court determined that the development manager qualified as a promoter and shared joint liability with the developer. This decision emphasizes the importance of correctly identifying promoters and holding all parties accountable, promoting transparency, and protection for homebuyers. The ruling sets a precedent and strengthens purchasers’rights under RERA, underscoring the significance of compliance and accountability in the real estate industry.
References
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Ibid.
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[Accessed on September 2023]
