The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered Rs. 369.45 mn in compensation for homebuyers across 273 real estate projects. The regulator said it had issued 516 recovery warrants totalling Rs. 10.38 bn against developers over the last nine years, with Mumbai recording the highest recovery among Maharashtra’s districts.

MahaRERA said its compensation recovery rate was 45 per cent, making it the highest among real estate regulatory authorities in India. Since its establishment in May 2017, the authority has issued recovery orders totalling Rs. 10.38 bn for 1,531 complainants.

The regulator said cases involving Rs. 1.05 bn were pending before the National Company Law Tribunal (NCLT), while matters involving Rs. 1.04 bn fell under the Maharashtra Protection of Interest of Depositors Act. Recovery proceedings involving approximately Rs. 2.09 bn were therefore restricted.

Mumbai accounted for Rs. 2.28 bn of the compensation recovered through various district collectorates. Mumbai Suburban contributed Rs. 1.42 bn and Mumbai City Rs. 858 mn, followed by Pune with Rs. 680 mn, Thane City with Rs. 360 mn and Alibaug with Rs. 120 mn.

Nagpur recorded recoveries of Rs. 96.5 mn, while Palghar and Nashik each contributed Rs. 49 mn. Chhatrapati Sambhaji Nagar accounted for Rs. 38.4 mn, while Sindhudurg, Solapur and Chandrapur recorded 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 recovery warrants, at Rs. 8.78 bn. Mumbai Suburban had dues of Rs. 4.15 bn, followed by Mumbai City at Rs. 2.31 bn and Pune at Rs. 2.3 bn, while other districts, including Thane, Alibaug, Palghar and Nagpur, had warrants exceeding Rs. 1.46 bn.