MahaRERA Recovers Over Rs 200 Crore from Developers, Vows to Intensify Efforts
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully recovered over Rs 200 crore from developers who were defaulting on their payments. The authority has pledged to intensify its efforts to ensure that all remaining arrears are rec
MahareraReal EstateDevelopersArrearsRecoveryReal EstateDec 02, 2024
Frequently Asked Questions
What is MahaRERA?
MahaRERA stands for Maharashtra Real Estate Regulatory Authority. It is a statutory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate the real estate sector in Maharashtra and protect the interests of homebuyers.
How much money has MahaRERA recovered from developers?
MahaRERA has successfully recovered over Rs 200 crore from developers who were defaulting on their payments.
What measures has MahaRERA taken to expedite the recovery process?
MahaRERA has initiated pilot recovery measures by appointing retired revenue officials to oversee the recovery of arrears and ensure the process is transparent and efficient.
What challenges does MahaRERA face in its recovery efforts?
One of the primary challenges MahaRERA faces is resistance from some developers who are reluctant to comply with regulations. To address this, the authority is exploring stricter penalties and fines and improving communication with developers.
What is the impact of MahaRERA's recovery efforts on the real estate sector?
The recovery efforts by MahaRERA are expected to instill greater confidence among homebuyers and investors, ensuring a more regulated and transparent environment in the real estate sector.
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