MahaRERA, the Maharashtra Real Estate Regulatory Authority, had taken steps to address the grievances of homebuyers by issuing warrants to retrieve owed money as compensation and refunds from developers. The money was retrieved without having to hold an auction.
MahaRERA issued warrants to retrieve INR 8.72 crore owed to homebuyers from developers as part of their ongoing recovery efforts, with 1,015 warrants already issued to recover damages amounting to INR 623.30 crore. The warrants have been spread across Pune city, suburbs, and the district. These warrants have been issued to developers who have failed to pay compensation or refunds to homebuyers.
To resolve objections raised by homebuyers, some builders have chosen to directly pay the parties or deposit funds with the District Collectorate. Two Mumbai-based developers, Samriddhi Developers and Wondervalue Realty, have set an example by paying a substantial amount of INR 6.46 crore to compensate the affected homebuyers. From this, Wondervalue Realty issued a significant check of INR 6.26 crore to a single customer.
Similarly, Reliance Enterprises and Ruchi Priya Developers jointly contributed INR 1.84 crore towards compensating homebuyers in the Mumbai suburbs. From this, Reliance Enterprises made a payment of INR 1.78 crore to a single property buyer. Even in Pune district, a house buyer received approximately INR 42 lakh as compensation from Darode Jog Homes.
MahaRERA's efforts to recover the owed amounts extend beyond Pune, with recovery warrants being pursued through district collectorates across the nation. So far, a staggering 1,015 warrants have been issued by MahaRERA.
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