July 14, 2023: The Maharashtra Real Estate Regulatory Authority (MahaRERA) collected around Rs 8.73 crore from five developers of Mumbai, suburban Mumbai and Pune against recovery warrants that were issued against them.
MahaRERA had issued recovery warrants to these five developers on account of incomplete projects. These developers paid the compensation and refunds after MahaRERA issued warrants and avoided auction.
Of the five developers, two from Mumbai- Samruddhi Developers and Wondervalue Realty together paid Rs 6.46 crore. From this amount, Wondervalue Realty paid around Rs 6.26 crore to a homebuyer. Two suburban Mumbai developers Reliance Enterprises and Ruchi Priya Developers paid a compensation of Rs 1.84 crore. Reliance Enterprises also paid compensation of Rs 1.78 crore to one customer. Finally, Pune based Darode Jog Homes paid a compensation of Rs 42.25 lakh to a homebuyer.
Till now the housing regulator has issued 1,015 warrants with compensation of Rs 623.30 crore. Of this total, MahaRERA has recovered Rs 131.32 crore against 180 warrants.
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