Transfer of Rights under RERA
Why It’s Required?
Under the Real Estate (Regulation and Development) Act, 2016 (RERA), a promoter cannot transfer or assign their majority rights and liabilities in a registered real estate project to a third party without obtaining prior written consent from two-thirds of the allottees and the approval of the respective State RERA Authority. This provision ensures that the interests of homebuyers are protected and that any change in project ownership or responsibilities is transparent and legally valid.
The application for transfer of rights must be filed before executing the transfer agreement, with complete details of the incoming entity, financial capacity, and project completion plan. Non-compliance may lead to rejection of the transfer, penalties, and restrictions on future registrations. For promoters, obtaining proper RERA approval for transfer of rights helps in smooth business restructuring, legal protection, and continued buyer confidence in the project.
What We Do?
Bluvaron Solutions LLP expert team manages the transfer application, prepares legal and compliance documents, and coordinates with the authority.
Transfer of Rights Compliance Process under RERA
Key Note
Transfer without RERA approval is invalid and attracts penalties under the Act.