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MahaRERA recovers INR175 crore from real estate developers

MahaRERA has recovered INR 175 crore out of INR 672.91 crore from real estate developers for non-possession of apartments

MahaRERA recovers INR175 crore from real estate developers
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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has so far recovered INR 175 crore of the outstanding balance of INR 672.91 crore from real estate developers who are yet to hand over apartments to home buyers.

 

The MahaRERA has issued a recovery warrant. Failure to pay compensation or refund will be held liable. Also to improve the penalty collection rate, MahaRERA will appoint a retired tehsildar. Sources told Hindustan Times that the new appointment of the retired tehsildar is expected to further improve the process of fine collection.

 

So far, MahaRERA has executed 1,117 warrants against 423 housing projects to recover INR 672.91 crore. Out of which, they have managed to get a total of INR 175 crore from 131 projects related to 268 complaints. If a real estate developer has made a mistake in paying damages. So, the collector plays an important role in collecting the amount.


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The MahaRERA appointed a retired Additional Collector for this in January 2023. who works to monitor compensation recovery in every district of Maharashtra. Also the role of retired Additional Collectors is to stay in touch with all concerned Collectors, Deputy Collectors, Tehsildars, and Talathi.

 

From January 2023 till now, MahaRERA has managed to collect INR 141 crore. More attention is being paid to make the recovery of compensation more effective.  Also, bank account numbers of real estate developers are being shared with the revenue department from this year to trace the builder in warrants.

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