The Maharashtra Real Estate Regulatory Authority (MahaRERA) managed to recover INR 125 crore in compensation from homebuyers in just 14 months. With this MahaRERA became the only real estate regulator in India to achieve this record. Overall, it has managed to recover INR 160 crore.
MahaRERA has made the mandatory decision to add the bank account information of the developer in the recovery warrants that are sent to the Revenue Department in order to increase the efficacy of compensation recovery. With this action, the Revenue Department will be able to locate and attach the developer's bank account in order to retrieve the compensation, which will relieve the homebuyers.
A retired Additional Collector was assigned by MahaRERA in January 2023 to pursue compensation on behalf of buyers of homes. He keeps in constant contact with all of the relevant Tehsildars, Talathis, Deputy Collectors, and Collectors who oversee the recovery of compensation in each district of the state. The recovery exercise is given high priority by MahaRERA and is discussed in every department head meeting.
MahaRERA has recovered INR 159.1 crore so far in connection with 237 complaints in 117 projects as a result of the persistent efforts made. In 2023, INR 125 crore of this was retrieved. To recover INR 661.15 crore, MahaRERA has so far issued 1,095 warrants.
The Mumbai suburban district has the largest number of warrants from all across the state reclaiming INR 298 crore, 434 warrants from 114 projects have been issued. 75 warrants for 40 projects have resulted in the recovery of INR 71.06 crore to date.
With 239 warrants to retrieve INR 181.49 crore from 123 projects, Pune has the second-highest number. Of them, 35 projects totaling 55 warrants valued at INR 38.90 crore have been collected.
If developers are found to have committed any infraction, the MahaRERA requires them to pay back the money plus interest within a specified amount of time, following hearings with the opposing parties. The Collector's office is essential to recouping compensation in the event that a developer fails to pay.
The Collector's office is empowered to collect the arrears in accordance with the requirements of the Maharashtra Land Revenue Act and Section 40(1) of the Immovable Property (Regulation and Development) Act, 2016. Therefore, the concerned Collector's office receives the recovery warrants.
MahaRERA is making every effort to guarantee that the directives it issues are carried out effectively. MahaRERA is also dedicated to enhancing the system's overall strength and capability.
District-Wise Warrants & Recovery:
Mumbai City- A total of 32 warrants from 17 projects were issued. From this, MahaRERA recovered INR 64.73 crore. Of which the INR. 21.19 crore retrieved via 14 warrants are associated with 8 projects.
Mumbai Suburb- A total of 434 warrants from 114 projects were issued. From this, MahaRERA recovered INR 298 crore. Of which 40 projects account for the INR 71.06 crore collected through 75 warrants.
Pune- A total of 239 warrants from 123 projects were issued. From this, MahaRERA recovered INR 181.49 crore. 35 projects account for the INR 38.90 crore that was collected through 55 warrants.
Thane- A total of 174 warrants from 77 projects were issued. From this, MahaRERA recovered INR 58.7 crore. Of which INR 4.73 crore retrieved via seven warrants pertain to eight projects.
Alibaug/ Raigad- A total of 106 warrants from 42 projects were issued. From this, MahaRERA recovered INR 21.18 crore. 18 projects account for the INR 7.45 crore collected through 56 warrants.
Palghar- A total of 65 warrants from 30 projects were issued. From this, MahaRERA recovered INR 17.68 crore. Of which the INR 1.64 crore retrieved via four warrants are associated with four projects.
Share
Tweet
