The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered Rs. 3.69 bn in compensation for homebuyers across 273 real estate projects, against recovery warrants worth Rs. 10.38 bn issued to developers since 2017. The authority said Mumbai recorded the highest recovery among districts in Maharashtra.

MahaRERA said its recovery rate was 45 per cent, making it the highest among real estate regulatory authorities in India. The regulator issues recovery orders when developers default on property possession or compensation obligations, while the respective district collectors are responsible for executing the warrants.

Since its establishment in May 2017, MahaRERA has issued recovery orders totalling Rs. 10.38 bn for 1,531 complainants. Proceedings involving Rs. 1.05 bn are pending before the National Company Law Tribunal, while cases covering Rs. 1.04 bn fall under the Maharashtra Protection of Interest of Depositors Act. Recovery proceedings involving about Rs. 2.09 bn are therefore currently restricted.

Mumbai accounted for Rs. 2.28 bn of the total amount recovered with assistance from district collectorates. Mumbai Suburban contributed Rs. 1.42 bn and Mumbai City Rs. 858 mn, followed by Pune at Rs. 680 mn, Thane City at Rs. 360 mn and Alibaug at Rs. 120 mn.

Nagpur reported recoveries of Rs. 96.5 mn, while Palghar and Nashik each recorded Rs. 49 mn. Chhatrapati Sambhaji Nagar recovered Rs. 38.4 mn, while Sindhudurg, Solapur and Chandrapur recovered Rs. 5.4 mn, Rs. 1.2 mn and Rs. 900,000, respectively. MahaRERA said these recoveries brought outstanding compensation to zero in the three districts.

Mumbai and Pune together accounted for the largest share of dues, at Rs. 8.78 bn. Mumbai Suburban had outstanding dues of Rs. 4.15 bn, followed by Mumbai City at Rs. 2.31 bn and Pune at Rs. 2.3 bn. Thane, Alibaug, Palghar and Nagpur together accounted for warrants worth more than Rs. 1.46 bn.