MahaRERA issues warrants worth Rs 633 cr against errant developers

16 Feb 2022 CW Team

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued recovery warrants worth Rs 633 crore against errant developers, with the highest value in Mumbai's suburbs.

The action was taken in coordination with 13 collectorates, including Mumbai and Pune, having 717 warrants to expedite refunds to home buyers.

Mumbai's suburb area involves 302 such recoveries, followed by Pune 162 and Thane 99. These warrants were issued concerning 256 projects, from which 83 are in Pune, followed by 63 in Mumbai's suburbs and 41 in Thane. Other collectorates include Raigad, Alibaug, Palghar, Mumbai city, Nagpur, Aurangabad, Nashik, Sindhudurg and Satara.

The Chairman of MahaRERA, Ajoy Mehta, is in discussion with the revenue secretary and district collectors to execute the order soon to expedite the investments of home buyers. The adjudicating officers have issued the recovery warrants against errant developers under the Real Estate Regulation and Development Act.

Vasant Prabhu, MahaRERA secretary, said that the recovery warrants include the collector issuing an attachment certificate, attaching the property, and the developer has a chance to repay the amount. If the developers do not pay, then the process is followed by an auction.

Ramesh Prabhu, Chairman of Maharashtra Societies Welfare Association, said that once MahaRERA issued a recovery warrant order and it is not complied by the respondent or promoters, allottees can file a petition on non-execution of the order. Homebuyers may exit from a project and invest somewhere else.

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Also read: MahaRERA to decide on compensation payable to flat buyers

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