The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it mandatory for real estate developers to disclose their bank account details in recovery orders sent to the revenue department. This aims to improve the efficiency of recovering compensation owed to homebuyers by identifying developers' bank accounts so the revenue department can more easily attach properties and retrieve owed amounts. The decision comes as homebuyers nationwide raise concerns over non-compliance or delayed enforcement of recovery orders against defaulting developers.
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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it mandatory for real estate developers to disclose their bank account details in the recovery orders sent to the revenue department. This aims to improve the efficiency of recovering compensation owed to homebuyers. By identifying developers' bank accounts, the revenue department can more easily attach properties and retrieve owed amounts.
This strategic move is expected to alleviate financial burdens on homebuyers facing project delays or issues. MahaRERA said disclosing bank details will strengthen accountability and ensure timely restitution for affected parties in real estate.
The decision comes as homebuyers nationwide raise concerns over non-compliance or delayed enforcement of recovery orders against defaulting developers.
In the last 14 months, MahaRERA has recovered over INR 125 crore for homebuyers as developer compensation. Total recoveries now exceed INR 160 crore from 237 complaints across 117 problematic projects, making MahaRERA India's only regulator to recover such large dues. In January 2023, MahaRERA had appointed a retired additional collector to recover compensation on behalf of troubled homebuyers.
MahaRERA issued 1,095 warrants seeking INR 661.15 crore total. Suburban Mumbai saw the most - 434 warrants from 114 projects for INR 298 crore, recovering INR 71.06 crore from 40 projects so far. Pune followed with 239 warrants for INR 181.49 crore across 123 projects, recovering INR 38.90 crore from 35 projects.
When misconduct is suspected, MahaRERA conducts hearings and directs developers to reimburse or refund owed amounts plus interest within a set timeframe. If developers default, the collector's office intervenes under law to ensure recovery.
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. Hence, the recovery warrants are sent to the concerned collectors' office. Bank details will streamline this process.
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