Now Real Estate Developer can be Changed in Stuck JV Project TN RERA

TN RERA has Facilitated the transfer of the project to a new developer after, More than two-thirds of allottees give consent to the transfer of the project to the new developer if the existing developer doesn’t have funds and if the Original developer and land owner agree if the project is in Joint Venture.

Stalled Coimbatore Housing Project Gets New Lease on Life. Homebuyers in Coimbatore can breathe a sigh of relief as the Tamil Nadu Real Estate Regulatory Authority (TNRERA) intervenes to revive a stalled housing project.

Project Background:

• Developer: Crescentz Square
• Project Registration Date: October 2017
• Planned Completion Date (Original): March 2020
• Number of Units: 60 (Block A: 48 units)
• Units Sold: 33
• Completion Status: 30%

Reasons for Stall:

• Financial constraints faced by the developer.
• Difficulty selling remaining units.

TNRERA’s Intervention:

• Invoked Section 15(1) of the Real Estate (Regulation and Development) Act, 2016.
• Facilitated transfer of the project to a new developer after:
  • More than two-thirds of allottees (24 out of 33) consented to the transfer.
  • The original developer and landowners agreed.

New Project Timeline & Details:

• New completion deadline: November 2021 (extension granted by TNRERA).
• Project name change approved by TNRERA.

Significance:

• This case highlights TNRERA’s role in protecting homebuyer interests.
• It paves the way for the completion of the project and eventual possession for the buyers.