MahaRERA Regains Rs.125 crore of compensations from Homebuyers within 14 months

Since the last 14months the Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered Rs.125 crore in compensation for homebuyers. The highest number of warrants was received from the suburban Mumbai district. A total of 434 warrants from 114 projects have been issued to recover Rs.298 crore. So far, Rs.71.06 crore has been recovered through 75 warrants belonging to 40 projects. Pune is recorded as the second highest with 239 warrants to recover Rs.181.49 crore from 123 projects. Out of these, 55 warrants worth Rs.38.90 crore from 35 projects have been recovered.

During January, 2023 the MahaRERA recruited a retired Additional Collector to recover compensation on behalf of homebuyers. He is in a regular touch with all the concerned Collectors, deputy collectors, Tehsildars and Talathis, who are related to the compensation recovery in every district of Maharashtra.

Until now MahaRERA has recovered Rs.159.1 crore linked with 237 complaints in 117 projects. Of this, Rs.125 crore was recovered in 2023. So far, MahaRERA has issued 1,095 warrants to recover Rs.661.15 crore.

In Mumbai, total of 32 warrants from 17 projects were issued to recover Rs.64.73 crore. Of which Rs.21.19 crore recovered through 14 warrants belong to 8 projects. In Thane, total of 174 warrants from 77 projects were issued to recover Rs.58.7 crore. In Alibag which is located in Raigad district a total of 106 warrants from 42 projects were issued to recover Rs.21.18 crore. Of which Rs.7.45 crore recovered through 56 warrants belong to 18 projects. In Palghar total of 65 warrants from 30 projects were issued to recover Rs.17.68 crore. Of which Rs.1.64 crore recovered through 4 warrants belong to 4 projects. In Nagpur, a total of 19 warrants from 5 projects were issued to recover Rs.10.66 crore. Of which Rs.9.41 crore recovered through 12 warrants belong to only 1 project.

MahaRERA decided to include the developer’s bank account details in the recovery warrants issued to the Revenue Department. It will help the Revenue Department to identify and attach the bank account of the developer to recover the compensation, thereby providing relief to the homebuyers.