MahaRERA Recovers ₹175 Crore from Real Estate Developers in Maharashtra
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered ₹175 crore from real estate developers who failed to hand over apartments to home buyers in Mumbai and Pune.
Real EstateMahareraMaharashtraHome BuyersDevelopersReal Estate PuneSep 23, 2024
The MahaRERA has issued a recovery warrant to developers who have failed to pay compensation or refund to home buyers. Failure to comply with the warrant will result in liability. To improve the penalty collection rate, MahaRERA has appointed a retired tehsildar.
So far, MahaRERA has executed 1,117 warrants against 423 housing projects to recover ₹672.91 crore. Out of which, they have managed to recover ₹175 crore from 131 projects related to 268 complaints. The collector plays a crucial role in collecting the amount if a real estate developer fails to pay damages.
In January 2023, MahaRERA appointed a retired Additional Collector to monitor compensation recovery in every district of Maharashtra. The retired Additional Collector works closely with Collectors, Deputy Collectors, Tehsildars, and Talathi to ensure effective recovery.
Since January 2023, MahaRERA has collected ₹141 crore. To make the recovery of compensation more effective, MahaRERA is sharing bank account numbers of real estate developers with the revenue department to trace the builder in warrants.
Information
The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established in 2017 to regulate the real estate sector in Maharashtra. Its primary objective is to protect the interests of home buyers and ensure that developers comply with the rules and regulations.
MahaRERA is a regulatory authority that oversees the real estate sector in Maharashtra. It is responsible for registering real estate projects, ensuring compliance with rules and regulations, and resolving disputes between developers and home buyers.
Frequently Asked Questions
What is the total amount recovered by MahaRERA from real estate developers?
₹175 crore
What is the outstanding balance that developers owe to home buyers?
₹672.91 crore
How many warrants has MahaRERA executed to recover the amount?
1,117
What is the role of the retired Additional Collector appointed by MahaRERA?
To monitor compensation recovery in every district of Maharashtra
How much has MahaRERA collected since January 2023?
₹141 crore
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