MahaRERA recovers compensation of ₹125 crore in just 14 months for homebuyers

MahaRERA in Maharashtra has recovered ₹125 crore for homebuyers in 14 months. It appointed a retired Additional Collector to coordinate compensation recovery.

Mumbai: In the last 14 months, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered ₹125 crore in compensation for homebuyers. The highest number of warrants were from the suburban Mumbai district. A total of 434 warrants from 114 projects have been issued to recover ₹298 crore. So far, ₹71.06 crore has been recovered through 75 warrants belonging to 40 projects.

MahaRERA, the real estate regulator of Maharashtra has asked a builder to obtain the occupancy certificate for his building within three months or pay an interest amount to the complainant who is a resident of the building. (HT File / Representative Photo)

In January 2023, MahaRERA appointed a retired Additional Collector to recover compensation on behalf of homebuyers. He is in regular touch with all the concerned Collectors, deputy collectors, Tehsildars and Talathis, who coordinate compensation recovery in every district of Maharashtra. MahaRERA gives top priority to the recovery exercise and is reviewed in each of the department head meetings. Due to the constant efforts put in.

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

From across the state, the highest number of warrants is from the suburban Mumbai district. A total of 434 warrants from 114 projects have been issued to recover ₹298 crore. So far, ₹71.06 crore has been recovered through 75 warrants belonging to 40 projects. Pune is the second highest with 239 warrants to recover ₹181.49 crore from 123 projects. Out of these, 55 warrants worth ₹38.90 crore from 35 projects have been recovered.

In Mumbai city total of 32 warrants from 17 projects were issued to recover ₹64.73 crore. Of which ₹21.19 crore recovered through 14 warrants belong to 8 projects. In Thane total of 174 warrants from 77 projects were issued to recover ₹58.7 crore. Of which ₹4.73 crore recovered through 7 warrants belong to 8 projects.

In Alibag in Raigad district total of 106 warrants from 42 projects were issued to recover ₹21.18 crore. Of which ₹7.45 crore recovered through 56 warrants belong to 18 projects. In Palghar total of 65 warrants from 30 projects were issued to recover ₹17.68 crore. Of which ₹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 ₹10.66 crore. Of which ₹9.41 crore recovered through 12 warrants belong to only 1 project.

To make compensation recovery more effective, MahaRERA has decided to mandatorily include the developer’s bank account details in the recovery warrants issued to the Revenue Department. This move will enable the Revenue Department to identify and attach the bank account of the developer to recover the compensation, thereby providing relief to the homebuyers.