MahaRERA Recovers Rs 2 Bn for Homebuyers from Realtors

06 Dec 2024 CW Team

The Maharashtra Real Estate Regulatory Authority (MahaRERA) announced that it has successfully recovered over Rs 2 billion from developers to compensate homebuyers for their losses. The authority also outlined plans to intensify its recovery efforts further.

MahaRERA issued 1,163 warrants across the state to recover a total of Rs 7 billion, of which Rs 2 billion has been collected from 283 warrants involving 139 real estate projects, as stated in an official release.

Of the recovered amount, Rs 378 crore is due from Mumbai suburban and Pune, where specific efforts are underway to expedite the recovery process, including the appointment of retired Tahsildars (revenue officials) in the offices of district collectorates in these regions.

From the Rs 200 crore recovered, Mumbai city contributed Rs 46.47 crore from 22 warrants in 13 projects, while Mumbai suburban contributed Rs 76.33 crore from 85 warrants in 42 projects. Pune saw Rs 39.10 crore collected from 57 warrants in 36 projects.

MahaRERA's recovery efforts have faced delays in Mumbai suburban and Pune, where notices have been issued for Rs 304.45 crore and Rs 189.82 crore, respectively. The authority has appointed retired Tahsildars on a pilot basis to assist with recovery in these areas.

The Real Estate (Regulation and Development) Act, 2016, grants the District Collector's office the authority to recover dues as land revenue arrears if developers fail to pay compensation within the prescribed time.

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