MahaRERA takes over Rs. 200 crore Compensation from Realtors for Homebuyers

More than Rs. 200 crores have been recovered from real estate developers by the Maharashtra Real Estate Regulatory Authority, based on 283 warrants involving 139 real estate projects across the state, as compensation for the losses incurred by homebuyers.

So far, the authority has issued 1,163 warrants for restitution of Rs. 705.62 crore from 442 projects.

Retired Tahsildars will be placed in the offices of the District Collectorates in Mumbai's suburbs and Pune by the regulator to boost the efficiency of the recovery. The respective district authorities will assist them in their appointment, given the high number of pending cases and the substantial sums recovered.

The Rs. 200 crores recovered saw Mumbai city contribute Rs. 46.47 crore from 22 warrants in 13 projects, while suburban Mumbai contributed Rs. 76.33 crore from 85 warrants in 42 projects. In Pune, Rs. 39.10 crore was collected from 57 warrants in 36 projects.

The recovery efforts of MahaRERA have faced delays in Mumbai suburban and Pune, where notices have been issued for Rs. 304.45 crore and Rs. 189.82 crore, respectively. Retired Tahsildars have been appointed to assist with recovery in these areas.

The 2016 Real Estate (Regulation and Development) Act empowers the District Collector's office to recover dues as unpaid land revenue if developers fail to compensate within the stipulated period.

Out of the recovered amount, Rs. 378 crore is owed from Mumbai suburbs and Pune. To accelerate the recovery process, retired Tahsildars (revenue officials) have been appointed at district collectorate offices in these areas.