Delay in Home Ownership Handover: MRERA orders to pay Rs. 200 crore Compensation

Real estate developers who neglected to provide homeowners timely possession of their apartments have been ordered to pay Rs. 200.23 crore by the Maharashtra Real Estate Regulatory Authority (MahaRERA).

Mumbai city recovered Rs. 46.47 crore of the Rs. 200.23 crore total, Mumbai suburban recovered Rs. 76.33 crore, Pune recovered Rs. 39.10 crore, Thane recovered 11.65 crore, Nagpur recovered Rs. 9.65 crore, Raigad recovered Rs. 7.49 crore, Palghar recovered Rs. 4.49 crore, Sambhajinagar recovered Rs. 3.84 crore, Nashik recovered Rs. 1.12 crore, and Chandrapur recovered Rs. 9 lakh, according to MahaRERA.

As of right now, MahaRERA has issued 1,163 warrants totaling Rs. 705.62 crore for 442 Maharashtra real estate projects. About 29% of this, or about Rs. 200 crore, has been recovered by the MahaRERA. According to a statement from MahaRERA, 283 recovery warrants have been issued for 139 real estate projects, yielding compensation of almost Rs. 200 crore.

About Rs. 228.12 crore has not yet been recouped from 355 complaints across 73 projects in the Mumbai suburbs, and Rs. 150.72 crore has been recouped from 201 complaints across 89 projects in the Pune region. MahaERA would take steps to appoint officers in other district collectorates as well, the statement said, depending on how this recovery is received.

MahaRERA said in a statement, “To make the recovery more effective, MahaRERA has decided to appoint retired Tahsildars in the offices of the District Collectorates in Mumbai suburban and Pune. They will be appointed with the help of the respective district authorities, where the cases and amount of recovery are high”.