MahaRERA Recovers Over Rs 200 Crore from Real Estate Developers for Homebuyer Compensation

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully recovered over Rs 200 crore from real estate developers to compensate aggrieved homebuyers. The regulator has issued 1,163 warrants to recover Rs 705.62 crore from 442 projects,

MahareraReal EstateHomebuyer CompensationDistrict CollectorsReal Estate RegulationReal Estate PuneDec 03, 2024

MahaRERA Recovers Over Rs 200 Crore from Real Estate Developers for Homebuyer Compensation

Real Estate Pune:The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made a significant stride in protecting the interests of homebuyers by recovering over Rs 200 crore from real estate developers. This compensation is aimed at reimbursing the losses incurred by homebuyers across 139 real estate projects in the state. To achieve this, MahaRERA has issued 1,163 warrants to recover a total of Rs 705.62 crore from 442 projects so far.To enhance the recovery process, MahaRERA has taken a proactive step by appointing retired officials, particularly Tahsildars, in the offices of District Collectorates in Mumbai suburban and Pune. These appointments are made in areas with a high number of cases and substantial recovery amounts. The strategy may be extended to other districts based on the need to ensure effective and consistent recovery.Manoj Saunik, chairman of MahaRERA, emphasized, “MahaRERA, on various complaints, issues orders regularly to compensate aggrieved homebuyers. Our role is to ensure that the compensation ordered is received by the aggrieved homebuyers, providing them with adequate legal and financial relief. To facilitate this, we have appointed a retired senior officer from the revenue department, who regularly follows up with all concerned District Collectors, Deputy Collectors, and Tahsildars. This has significantly accelerated the recovery process.”The compensation recovered so far is distributed across various districts, with significant amounts from Mumbai city (Rs 46.47 crore), Mumbai suburban area (Rs 76.33 crore), Pune (Rs 39.10 crore), Thane (Rs 11.65 crore), Nagpur (Rs 9.65 crore), Raigad (Rs 7.49 crore), Palghar (Rs 4.49 crore), Sambhajinagar (Rs 3.84 crore), Nashik (Rs 1.12 crore), and Chandrapur (Rs 9 lakh).However, there is still a significant amount to be collected. In the Mumbai suburban region, approximately Rs 228.12 crore is yet to be collected based on 355 complaints from 73 projects. Similarly, in the Pune region, Rs 150.72 crore remains to be recovered from 201 complaints across 89 projects.In January 2023, MahaRERA appointed a retired Additional District Collector to lead the recovery efforts on behalf of homebuyers. This official maintains regular communication with District Collectors, Sub-Divisional Officers, Tahsildars, and Talathis. The recovery process is given high priority, and its progress is reviewed in every head of department meeting.MahaRERA ensures that homebuyers' complaints are addressed through hearings. Based on the outcomes, developers are ordered to pay interest, compensation for losses, or refunds within the prescribed time limits. If developers fail to comply, the District Collector's office plays a crucial role in recovering the dues under Section 40(1) of the Real Estate (Regulation & Development) Act, 2016, which authorizes District Collectors to recover dues as arrears of land revenue. The Maharashtra Land Revenue Act, 1966, also provides provisions for such recoveries.MahaRERA continues to inform the relevant District Collectors, Sub-Divisional Officers, and Tahsildars for hearings and makes continuous efforts to ensure the timely collection of compensation in all districts.

Frequently Asked Questions

What is the total amount MahaRERA has recovered from real estate developers?

MahaRERA has recovered over Rs 200 crore from real estate developers as compensation for homebuyers.

How many warrants has MahaRERA issued to recover funds?

MahaRERA has issued 1,163 warrants to recover Rs 705.62 crore from 442 projects.

What is the role of retired officials in the recovery process?

Retired officials, particularly Tahsildars, are appointed to follow up with District Collectors, Deputy Collectors, and Tahsildars to ensure effective recovery of compensation.

Which districts have seen the highest recovery amounts?

The highest recovery amounts have been from Mumbai city, Mumbai suburban area, and Pune.

Under which laws are District Collectors authorized to recover dues?

District Collectors are authorized to recover dues as arrears of land revenue under Section 40(1) of the Real Estate (Regulation & Development) Act, 2016 and the Maharashtra Land Revenue Act, 1966.

Tags:

Related News Articles

Real Estate Mumbai

Tata Curvv to Challenge Creta Dominance with CNG Variant Launch

Tata Motors hints at launching a CNG variant of the Tata Curvv, set to rival the Hyundai Creta in the mid-size SUV segment.

August 19, 2024

Read Article

Real Estate Mumbai

Avadhoot Gupte Secures Luxurious Apartment in Bandra for Rs 7.7 Crore

The property is located in the upscale neighborhood of Bandra (Khar West), Mumbai, highlighting the area's growing appeal as a premier destination for high-end real estate.

November 6, 2024

Read Article

Real Estate Mumbai

Mumbai: Prominent Pharma Tycoon Acquires Prime Sea-View Apartment in Lodha Sea Life

The recent acquisition of a high-end sea-view apartment by the promoter of Alkem Laboratories, Cyriac George Singh, has stirred the Mumbai real estate market. Singh's purchase, along with other significant transactions, highlights a growing trend of luxur

December 19, 2024

Read Article

Real Estate

Nifty on Track for a Phenomenal 2025? 20-25% Returns Possible, Says Sharad Avasthi

The Indian stock market, bolstered by solid economic growth and transformative trends, is set to deliver impressive returns in 2025. Sharad Avasthi, a market expert, predicts a strong performance driven by robust government spending and sectoral growth.

January 1, 2025

Read Article

real estate news

TN CM Advocates Innovative Urban Plans for Sustainable Housing

The Chief Minister of Tamil Nadu has called for the development of innovative urban plans to address the growing demand for sustainable housing. He highlighted ongoing efforts to create comprehensive master plans that balance urbanization with environment

February 14, 2025

Read Article

real estate news

Bracing for the Economic Storm: Kiyosaki’s 2025 Financial Crisis Prediction

In an era of market volatility and economic uncertainty, financial guru Robert Kiyosaki is sounding the alarm bells with his bold 2025 economic forecast. He recommends strategic investments in gold, silver, Bitcoin, and real estate to safeguard against po

February 19, 2025

Read Article