Updates on Real Estate (Regulations & Development) Act, 2016
Ashwin Shah
Landmark Judgement by Appellate Tribunal Maharera dated 18-10- 2024 in the matter of Maharashtra Chamber of Housing Industry (MCHI) CREDAI Raigad vs CIDCO, covering the crucial aspects whether CIDCO is Promoter or not.
Facts of the Case :-
CIDCO has formulated plotting scheme and has been instrumental in allotting these plots to the members of MCHI. It is contended by the members of MCHI that they are allottee within the meaning of RERA law. CIDCO has made advertisement and marketing for the purpose of receiving the tenders which results in ultimate allotment and sale to the members of MCHI.
The contentions of the MCHI was that CIDCO being seller of these plots needs to register itself as Promoter and falls squarely within the definition of the Promoter.
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