On account of several unanswered recovery warrants issued by the Maharashtra Real Estate Authority (MahaRERA) towards Nirmal Developers, authorities have taken a decision to seller the developer’s land parcel located in Mulund, Mumbai to pay pending dues. The base price for the plot has been set at approximately Rs 31 crores and the auction is likely to be held on 18th January 2023 at the Tahsilar’s Office in Mumbai. This decision comes in lieu of over 80 complaints registered with authorities from buyers in their projects amounting to unrecovered dues of almost Rs 29 crores.
On account of several unanswered recovery warrants issued by the Maharashtra Real Estate Authority (MahaRERA) towards Nirmal Developers, the authorities have now taken a decision to seller the developer’s land parcel located in Mulund, Mumbai to pay pending dues. The base price for the plot has been set at approximately Rs 31 crores and the auction is likely to be held on 18th January 2023 at the Tahsilar’s Office in Mumbai. This decision comes in lieu of over 80 complaints registered with authorities from buyers in their projects amounting to unrecovered dues of almost Rs 29 crores.
The plot of land is approximately 2,600 square feet large and contains built structures. The land will be auctioned on ‘as is where is’ basis. The new owner would have the freedom to decide what must be done to the existing structures. Interested parties, holding Indian citizenship, can schedule a site visit via the Tehsildar’s office between 1st and 17th January 2023.
Nirmal Developers is a prominent real estate developer in Mumbai. Owing to their recent financial constraints, several of their projects in and around the Mumbai Metropolitan Region has been stalled or delayed. As a result, many vendors and lenders have approached the National Company Law Tribunal in a bid to recover unpaid dues. Several homebuyers too have approached MahaRERA seeking a resolution for delayed possession. The homebuyers insist the developer is duping the MahaRERA authorities by promising delivery in a couple of months but failing to come through in the last three years.
In a statement released to the press, Nirmal Developers says they are committed to settling pending dues with all customers. They have received and acknowledge the auction notice in lie of recovery warrants filled by 84 complainants. However, they claim to have already cleared over 52 out of the 84 complaints filled by fulling paying the pending dues as per their settlement terms on account of which those complaints have been withdrawn. Based on this, the developer also asserts to have cleared over 60 percent of the pending dues amounting to Rs 17.5 crores and are in talks with the remaining complainants to settle.
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