In a statement released on Thursday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) claims to have recovered over Rs 100 crore from developers via follow-ups on compensation orders previously doled out. So far, a total of 594 warrants have been issued for recovery of approximately Rs 414 crore from developers of Mumbai City, Mumbai Suburbs, Pune, and Raigad. Follow-up actions since December 2022 have resulted in developers across MMR, Pune and Raigad to cough up almost Rs 101 crore in relation to 118 defaulting projects.
In a statement released on Thursday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) claims to have recovered over Rs 100 crore from developers via follow-ups on compensation orders previously doled out. Recovery orders are regularly passed by MahaRERA against developers who have not delivered on projects. The authority subsequently follows up on these orders by sending warrants for recoveries to district collectors.
So far, a total of 594 warrants have been issued for recovery of approximately Rs 414 crore from developers of Mumbai City, Mumbai Suburbs, Pune, and Raigad. Follow-up actions since December 2022 have resulted in developers across MMR, Pune and Raigad to cough up almost Rs 101 crore in relation to 118 defaulting projects.
Of the 343 warrants issued in Mumbai Suburbs, 80 warrants led to the recovery of Rs 56 crore against demands of Rs 256 crore. About 14 warrants were issued for Mumbai City amounting to demands for approximately Rs 45 crore, of which 3 warrants recovered approximately Rs 12 crore.
Some of the most complaints received in this regard are for non-delivery of units as per designated timelines, abandonment of projects midways and poor quality of housing units. On receiving such complaints, the MahaRERA authority conducts subsequent hearings and finally levies recovery amounts.
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