MahaRERA Recovers Rs 200 Crore for Homebuyers from Real Estate Developers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully recovered over Rs 200 crore from real estate developers to compensate homebuyers for their losses. The efforts include issuing warrants and appointing retired officials to ensure

MahareraReal Estate DevelopersHomebuyersCompensationRecoveryReal Estate MaharashtraDec 03, 2024

MahaRERA Recovers Rs 200 Crore for Homebuyers from Real Estate Developers

Real Estate Maharashtra:The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made significant strides in protecting the interests of homebuyers by recovering over Rs 200 crore from real estate developers. This compensation is aimed at covering the losses incurred by homebuyers due to various issues with their properties. MahaRERA has issued 1,163 warrants to recover a total of Rs 705.62 crore from 442 projects across the state.To enhance the recovery process, MahaRERA has taken several measures, including the appointment of retired Tahsildars in the offices of District Collectorates in Mumbai and Pune. These officials are tasked with following up on cases and ensuring the recovery of dues. The initiative will be expanded to other districts as needed based on the volume of cases and the amount of recovery required.Manoj Saunik, the chairman of MahaRERA, stated, “MahaRERA, on various complaints, issues orders regularly to compensate aggrieved homebuyers. MahaRERA's role is to ensure that the compensation ordered is received by the aggrieved homebuyers, for them to get adequate legal and financial relief. To facilitate this, MahaRERA has appointed a retired senior officer from the revenue department. Through him, such cases are consistently followed up with all concerned District Collectors, Deputy Collectors, and Tahsildars. Therefore, this process of recovery has gained momentum.”The compensation recovered so far includes - Rs 46.47 crore from Mumbai city- Rs 76.33 crore from the Mumbai suburban area- Rs 39.10 crore from Pune- Rs 11.65 crore from Thane- Rs 9.65 crore from Nagpur- Rs 7.49 crore from Raigad- Rs 4.49 crore from Palghar- Rs 3.84 crore from Sambhajinagar- Rs 1.12 crore from Nashik- Rs 9 lakh from ChandrapurDespite the significant amount recovered, there is still a long way to go. In the Mumbai suburban area, approximately Rs 228.12 crore remains to be collected based on 355 complaints from 73 projects. Similarly, in the Pune region, Rs 150.72 crore is yet to be collected based on 201 complaints from 89 projects.In January 2023, MahaRERA appointed a retired Additional District Collector to assist in the recovery process. This official maintains regular engagement with District Collectors, Sub-Divisional Officers, Tahsildars, and Talathis, ensuring that the recovery efforts are prioritized and reviewed in every head of department meeting.MahaRERA regularly informs the concerned District Collectors, Sub-Divisional Officers, and Tahsildars about hearings and makes continuous efforts to ensure the collection of compensation in all districts. The complaints of homebuyers are heard through hearings, and developers are ordered to pay interest, compensation for losses, or refunds within the prescribed time limit. If the developer fails to comply, the District Collector's office plays a crucial role in recovering the amount under the Real Estate (Regulation & Development) Act, 2016, and the Maharashtra Land Revenue Act, 1966.

Frequently Asked Questions

What is MahaRERA?

MahaRERA stands for Maharashtra Real Estate Regulatory Authority. It is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to protect the interests of homebuyers and regulate the real estate sector in Maharashtra.

How much has MahaRERA recovered so far?

MahaRERA has recovered over Rs 200 crore from real estate developers to compensate homebuyers for their losses.

What measures has MahaRERA taken to ensure effective recovery?

MahaRERA has issued 1,163 warrants to recover Rs 705.62 crore from 442 projects. Additionally, they have appointed retired Tahsildars and a retired Additional District Collector to follow up on cases and ensure the collection of dues.

In which districts is the recovery process being expanded?

The recovery process will be expanded to other districts as needed based on the volume of cases and the amount of recovery required. Initially, retired officials have been appointed in Mumbai and Pune.

What legal provisions support the recovery process?

The recovery process is supported by the Real Estate (Regulation & Development) Act, 2016, and the Maharashtra Land Revenue Act, 1966, which authorize District Collectors to recover dues as arrears of land revenue.

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