MahaRERA Intensifies Recovery Efforts, Collects Rs 200 Crore for Homebuyers

MahaRERA's recovery efforts have resulted in the collection of Rs 200.23 crore in compensation for homebuyers in Maharashtra. Mumbai city contributed Rs 46.47 crore, Mumbai suburban Rs 76.33 crore, and Pune Rs 39.10 crore.

MahareraReal EstateHomebuyersCompensationMaharashtraReal Estate MaharashtraDec 03, 2024

MahaRERA Intensifies Recovery Efforts, Collects Rs 200 Crore for Homebuyers
Real Estate Maharashtra:The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken significant strides to ensure justice for homebuyers by recovering Rs 200.23 crore in compensation across the state. This recovery aims to address grievances related to project delays or disputes, providing much-needed relief to affected buyers.The recovery drive has been particularly impactful in several key regions. Mumbai city has accounted for Rs 46.47 crore, while Mumbai suburban saw Rs 76.33 crore recovered. Pune contributed Rs 39.10 crore, with notable recoveries also coming from Thane, Nagpur, Raigad, Palghar, Sambhajinagar, and other districts. Smaller districts like Nashik and Chandrapur have also seen progress, with Chandrapur achieving a full recovery of Rs 9 lakh.To accelerate the recovery process, MahaRERA plans to appoint retired tahsildars in district collectorates of Mumbai suburban and Pune. This strategic move is designed to address the high number of pending cases in these regions. The additional workforce is expected to handle cases more efficiently, ensuring quicker compensation for homebuyers.In January 2023, MahaRERA had appointed a retired additional district collector to oversee recoveries and ensure compliance with orders. This official has been working closely with district authorities to coordinate efforts and enforce penalties on developers who fail to compensate homebuyers. Regular reviews and meetings are being conducted to track progress and identify bottlenecks in the process.Here’s a detailed overview of the recoveries in major districts - Mumbai City Rs 46.47 crore recovered out of Rs 85.79 crore due.- Mumbai Suburban Rs 76.33 crore recovered from Rs 304.45 crore due.- Pune Rs 39.10 crore recovered out of Rs 189.82 crore due.- Thane Rs 11.65 crore recovered out of Rs 62.58 crore due.- Nagpur Rs 9.65 crore recovered from Rs 10.62 crore due.Despite the progress, significant arrears remain uncollected. In Mumbai suburban, Rs 228.12 crore is still pending, while Pune faces arrears of Rs 150.72 crore. MahaRERA has issued 1,163 warrants to recover Rs 705.62 crore across 442 real estate projects. So far, Rs 200.23 crore has been recovered from 283 warrants involving 139 projects. This indicates that while the recovery efforts are making headway, the backlog remains substantial.Ensuring compliance from developers continues to be a challenging task for authorities. MahaRERA’s recovery mechanism is supported by legal provisions under the Real Estate (Regulation and Development) Act, 2016. Section 40(1) of the Act empowers district collectors to recover dues as land revenue arrears. Additionally, the Maharashtra Land Revenue Act, 1966, provides further legal backing.If developers fail to compensate homebuyers within the stipulated timeframe, district authorities are authorised to step in and recover the dues. This legal framework ensures that buyers have a clear path to claim their rightful compensation.MahaRERA chairman Manoj Saunik reaffirmed the organisation’s dedication to protecting homebuyers’ interests. “MahaRERA’s role is to ensure aggrieved homebuyers receive adequate legal and financial relief. With the appointment of retired revenue officials, our recovery process has gained momentum,” he stated.The decision to appoint retired tahsildars in Mumbai suburban and Pune is a pilot initiative. Depending on its success, similar measures may be implemented in other districts to streamline the recovery process further.MahaRERA’s ongoing efforts reflect its commitment to addressing the challenges faced by homebuyers in Maharashtra. The organisation is focusing on strengthening enforcement mechanisms, appointing experienced officials, and collaborating with district authorities to expedite recoveries. The appointment of retired tahsildars is expected to bring expertise and efficiency to the process.By ensuring faster resolutions and holding developers accountable, MahaRERA aims to rebuild trust among homebuyers. With Rs 200.23 crore already recovered, the progress is encouraging, but much remains to be done. MahaRERA continues to prioritise pending recoveries and aims to bridge the gap between developers’ commitments and buyers’ expectations.As the recovery drive progresses, homebuyers across Maharashtra can hope for timely justice and a resolution to long-standing disputes in the real estate sector. This initiative not only benefits the buyers but also sets a precedent for accountability and transparency in the industry.

Frequently Asked Questions

How much money has MahaRERA recovered for homebuyers?

MahaRERA has recovered Rs 200.23 crore for homebuyers in Maharashtra.

Which regions have seen the highest recoveries?

Mumbai suburban has seen the highest recovery at Rs 76.33 crore, followed by Mumbai city at Rs 46.47 crore and Pune at Rs 39.10 crore.

What steps is MahaRERA taking to expedite the recovery process?

MahaRERA plans to appoint retired tahsildars in district collectorates of Mumbai suburban and Pune to handle cases more efficiently and ensure quicker compensation for homebuyers.

What legal provisions support MahaRERA’s recovery mechanism?

MahaRERA’s recovery mechanism is supported by legal provisions under the Real Estate (Regulation and Development) Act, 2016, and the Maharashtra Land Revenue Act, 1966.

How much is still pending in recoveries?

Significant arrears remain uncollected, with Mumbai suburban facing Rs 228.12 crore and Pune facing Rs 150.72 crore in pending recoveries.

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