Lenders Whether Emerging Promoters Under RERA
Nitin Adinath Rajebhosale, Bharati Vidyapeeth (Deemed to be University)
Dr. Ujwala Bendale, Bharati Vidyapeeth (Deemed to be University)
ABSTRACT
Emerging concept is that a Lender which includes a bank, a financial institution, a non-banking financial company is a promoter merely because it lends money to a developer or holds a mortgage over the real estate project. However, the legal ramifications may change depending upon the nature and extent of the Lender’s intervention in the real estate project, particularly where the Lender invokes enforcement rights or effectively steps into the shoes of the developer.
Keywords: The Real Estate (Regulation and Development) Act, 2016 – Promoter – Financial Institution – Mortgage – Security Interest - Secured Creditor - SARFAESI Act – 13(4) of SARFAESI - Assignee- Allottee - Application for change of Promoter-Section 15 RERA Act – Role of Secured Creditor – Section 11(4)(h) of RERA Act - HARERA – MahaRERA – Rajasthan RERA – Karnatak RERA.
