Section 15
Section 15 of the Real Estate (Regulation & Development) Act, 2016. The promoter shall not transfer or assign his majority rights and liabilities in respect of a real estate project to a third party without obtaining prior written consent from two-third allottees, except the promoter, and without the prior written approval of the Authority: Provided that such transf
(1) The promoter shall not transfer or assign his majority rights and liabilities in respect of a real estate project to a third party without obtaining prior written consent from two-third allottees, except the promoter, and without the prior written approval of the Authority:
Provided that such transfer or assignment shall not affect the allotment or sale of the apartments, plots or buildings as the case may be, in the real estate project made by the erstwhile promoter.
Explanation .- For the purpose of this sub-section, the allottee, irrespective of the number of apartments or plots, as the case may be, booked by him or booked in the name of his family, or in the case of other persons such as companies or firms or any association of individuals, by whatever name called, booked in its name or booked in the name of its associated entities or related enterprises, shall be considered as one allottee only.
(2) On the transfer or assignment being permitted by the allottees and the Authority under sub-section (1), the intending promoter shall be required to independently comply with all the pending obligations under the provisions of this Act or the rules and regulations made thereunder, and the pending obligations as per the agreement for sale entered into by the erstwhile promoter with the allottees:
Provided that any transfer or assignment permitted under provisions of this section shall not result in extension of time to the intending promoter to complete the real estate project and he shall be required to comply with all the pending obligations of the erstwhile promoter, and in case of default, such intending promoter shall be liable to the consequences of breach or delay, as the case may be, as provided under this Act or the rules and regulations made thereunder.
Section 15, The Real Estate (Regulation & Development) Act, 2016 (Act 16 of 2016).
Questions about Section 15
How do I find court cases under Section 15 of the Real Estate (Regulation & Development) Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Real Estate (Regulation & Development) Act 15, section 15 Real Estate (Regulation & Development) Act, section 15 of the Real Estate (Regulation & Development) Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
When was the Real Estate (Regulation & Development) Act enacted?
Real Estate (Regulation & Development) Act was enacted in 2016 as Act 16 of 2016. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Read from the Government's own scanned gazette with Azure Document Intelligence, then split into sections by their numbering. India Code publishes no text for this Act. The scan itself is mirrored into our own storage and served at /scan/050947e9-972b-41e0-b547-db90eaf77d41.pdf, so the reading here can be checked against the page it came from without depending on India Code's own copy staying where it is (it was at https://indiacode.gov.in/server/api/core/bitstreams/97b293f3-e53c-41ba-84b7-393103e9b8b2/content). This page is not a substitute for legal advice.