Legal Question in Real Estate Law in India

Can the chief Promoter/Builder - after selling most of the flats, but retaining ownership of the unsold ones - be an Office Bearer, say SECRETARY, of the Residents' Welfare Housing Society?

Would it not tantamount to a CONFLICT OF INTEREST?


Asked on 3/23/13, 9:45 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

23.03.2013

Dear Sir / Madam,

(Benachity Market, Bardhaman, West Bengal)

Yes ... A Chief Promoter can be an Office Bearer of the Society. In fact, the Chief Promoter is the person who takes the initiative and responsibility of forming the Co-operative Housing Society and conveying the property to the Society.

It does not tantamount to any conflict of interest.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 3/23/13, 10:11 am
Shrichand Nahar S.V.Nahar, Advocate

May be. Check applicable local laws and proceed.

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Answered on 10/14/13, 1:41 am


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