1) The promoter shall not transfer his majority rights and liabilities in respect of a real estate project to a third party.
2) If he wants to transfer his majority rights and liabilities to a third party then prior written consent from two-third allottees except the promoter and authority shall be obtained.
3) 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.
4) On the transfer or assignment being permitted by the allottees and the authority, the intending promoter shall be required to independently comply with all the pending obligations.
5) Transfer shall not give extension of time to the intending promoter to complete the real estate project.