Recently, The Maharashtra Real Estate Appellate Tribunal (MREAT) in Techno Drive Engineering Pvt. Ltd. Vs. Renaissance Indus Infra Pvt. Ltd has held that the provisions of Real Estate (Regulation and Development) Act, 2016 (Act) are not applicable to industrial units. The MREAT while deciding the applicability of the Act to industrial units has dealt with the following: (i) interpretation of defined terms, ‘apartment’, ‘building’, and real estate project under the Act; (ii) legislative history of the Act; and (iii) applicability of the Act with respect to registration of a project.
INDUSLAW’s Avikshit Moral and Yash Bhatt analyze the MREAT order.