Maharera recovers ₹125 crore compensation for homebuyers in 14 mnths

MUMBAI DISTRICT SAW THE HIGHEST WARRANTS ISSUED BY MAHARERA IN THE STATE. IT HAS RECOVERED ₹71.06 CRORE THROUGH 75 WARRANTS ISSUED TO 40 PROJECTS FROM THE DISTRICT

MUMBAI: In the last 14 months, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered ₹125 crore from developers to compensate homebuyers in the state. In January 2023, MAHARERA had appointed a retired additional collector to recover compensation on behalf of homebuyers. He is in touch with all the concerned collectors, deputy collectors, tehsildars and talathis on a regular basis and coordinates with them on the compensation recovery in every district of Maharashtra.

In 14 months, MAHARERA issued a total of 434 warrants to 114 projects in the state to recover the amount of ₹298 crore. From across the state, the highest number of warrants were issued by the regulatory body was to the suburban Mumbai district. Out of this, the MAHARERA has recovered ₹71.06 crore through 75 warrants belonging to 40 projects. Pune is the second highest after Mumbai district is compensation recovery with 239 warrants issued to recover the amount ₹181.49 crore from 123 projects. Out of these, the regulatory body recovered ₹38.90 crore from 55 warrants issued to 35 projects.

In Mumbai city alone, a total of 32 warrants were issued to 17 projects to recover the amount ₹64.73 crore. Of which ₹21.19 crore was recovered through 14 warrants belong to 8 projects.

In Thane, total of 174 warrants from 77 projects were issued to recover ₹58.7 crore. Of which ₹4.73 crore recovered through 7 warrants belong to 8 projects.

In Alibag in Raigad district total of 106 warrants from 42 projects were issued to recover ₹21.18 crore. Of which ₹7.45 crore recovered through 56 warrants belong to 18 projects. In Palghar total of 65 warrants from 30 projects were issued to recover ₹17.68 crore. Of which ₹1.64 crore recovered through 4 warrants belong to 4 projects.

In Nagpur, a total of 19 warrants from 5 projects were issued to recover ₹10.66 crore. Of which ₹9.41 crore recovered through 12 warrants belong to only 1 project.

In order to make compensation recovery more effective, MAHARERA has decided to mandatorily include developer’s bank account details in the recovery warrants issued to the revenue department.

This move will enable the revenue department to identify and attach the bank account of the developer concerned to recover the compensation, thereby providing relief to the homebuyers.

In case if a developer defaults in paying compensation, the collector’s office plays a crucial role in recovering the amount. Under Section 40(1) of the Immovable Property (Regulation and Development) Act, 2016 and provisions of Maharashtra Land Revenue Act, the collector’s office has the power to recover the arrears.