MREAT Orders Cidco to Register as Promoter
In a recent ruling, the Maharashtra Real Estate Appellate Tribunal (MREAT) ordered Cidco to register as a promoter (Town Development) with the Maharashtra Real Estate Regulatory Authority (MahaRERA) within 30 days for its ongoing land schemes, similar to a 2017-18 disposal plan. The tribunal also mandated that Cidco register for future projects before any advertising, sale, or marketing activities.
The directive followed an appeal by the Maharashtra Chamber of Housing Industry (MCHI), Raigad, challenging a 2019 MahaRERA order, which stated that Cidco's transactions for plot sales did not constitute a real estate project. MREAT disagreed, clarifying that Cidco's land development activities meet the criteria of a real estate project under the Real Estate (Regulation and Development) Act, 2016, and thus require registration.
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