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
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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