March 29, 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered over Rs 125 crore from developers as part of compensation for homebuyers in the last 14 months. This makes the MahaRERA the only real estate regulator in India to achieve this feat. Till now the regulatory authority has collected over Rs 160 crore from developers for the various penalties levied on them.
The MahaRERA to ensure that compensation is paid has necessarily mentioned the developer’s bank account details in the recovery warrants issued to the revenue department. With this the revenue department attaches the developer’s bank account so that compensation can be recovered from them and given to home buyers.
MahaRERA has issued over 1,095 warrants to recover Rs 661.15 crore. Of this, Mumbai saw the most number of warrants- 434 from 114 projects and Rs 298 crore to recover. Of this, Rs 71.06 crore has been recovered through 75 warrants from 40 projects. Pune was second with 239 warrants from 123 projects to recover Rs 181.49 crore. Of this, Rs 38.9 crore has been recovered through 55 warrants from 35 projects.
When a complaint is lodged with MahaRERA, the regulatory body conducts hearings. Based on the outcome, if the developer has to pay, then the MahaRERA issues an order to pay compensation to the developer or refund the money taken from the homebuyer with interest within a time limit. In case of default, the collector’s office under Section 40(1) of the Immovable Property (Regulation and Development) Act, 2016 and provisions of Maharashtra Land Revenue Act plays an important role in recovering the money by way of sending warrants from his office.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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