MahaRERA Steps Up Recovery Efforts, Recovers ₹175 Crore for Homebuyers
MahaRERA has recovered ₹175 crore of ₹672.91 crore owed by developers for failing to deliver apartments, enhancing recovery efforts with new appointments
MahareraReal EstateDevelopersHomebuyersCompensationReal Estate MaharashtraSep 23, 2024
MahaRERA has issued 1,117 warrants to 423 housing projects to recover the outstanding amount. The warrants are issued to ensure that developers who fail to pay compensation or refund amounts as ordered by the authority are held accountable.
To improve its penalty recovery rate, MahaRERA is in the process of appointing a retired tehsildar. This new appointment is expected to improve the recovery process further. So far, the authority has managed to get a total of ₹175 crore from 131 projects, linked to 268 complaints.
In case of any wrongdoing, and after conducting hearings involving the opposing parties, MahaRERA orders developers to compensate or refund the sum with interest within a prescribed timeframe. If a developer defaults in paying compensation, the collector's office plays a crucial role in recovering the amount.
With the numbers piling up and homebuyers unhappy with the overall outcome, MahaRERA had appointed a retired collector in January 2023, and a retired additional collector to ensure speedy recovery. The retired additional collector's role is to be in touch with all the concerned collectors, deputy collectors, tehsildars, and talatis, who coordinate compensation recovery in every district of Maharashtra.
From January 2023 onwards until now, MahaRERA has managed to recover ₹141 crore. To make compensation recovery more effective, the developer's bank account number is being shared with the Revenue Department starting this year to trace the builder.
From across Maharashtra, the highest number of complaints are from the Mumbai suburban district at 438 from 114 projects having a cumulative outstanding of ₹302.54 crore. So far, ₹75.10 crore has been recovered in 84 complaints from 42 projects. Pune is the second highest with 248 complaints to recover an outstanding of ₹183.58 crore from 125 projects. Of these, 57 complaints worth ₹39.10 crore from 36 projects have been recovered.
Information
Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016. The authority is responsible for regulating the real estate sector in Maharashtra and ensuring that developers comply with the provisions of the Act.
Maharashtra Real Estate Regulatory Authority (MahaRERA) is a government agency responsible for regulating the real estate sector in Maharashtra. The authority was established in 2017 and is headquartered in Mumbai.
Frequently Asked Questions
What is MahaRERA?
MahaRERA is the Maharashtra Real Estate Regulatory Authority, a regulatory body established under the Real Estate (Regulation and Development) Act, 2016.
How much has MahaRERA recovered from developers so far?
MahaRERA has recovered ₹175 crore out of ₹672.91 crore owed by developers.
What is the process for recovering compensation from developers?
MahaRERA issues warrants to developers to recover compensation. If a developer defaults in paying compensation, the collector's office plays a crucial role in recovering the amount.
How many complaints have been filed with MahaRERA so far?
MahaRERA has received 268 complaints from 131 projects.
What is the highest number of complaints from any district in Maharashtra?
The highest number of complaints are from the Mumbai suburban district at 438 from 114 projects.
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