The Maharashtra Real Estate Regulatory Authority (Maharera) has scored a significant victory in its ongoing battle for consumer rights, successfully recovering a staggering Rs 4.71 crores in compensation from a single developer on behalf of eight consumers in Nagpur. This achievement underscores Maharera’s commitment to enforcing accountability within the real estate sector.
In a proactive move, Maharera has been collaborating with collector offices to execute warrants aimed at securing compensation for consumers. This strategic approach has led to auction proceedings and the confiscation of properties owned by developers who have failed to meet their obligations. Some developers are choosing to settle compensation disputes through negotiations to avoid the risk of losing their assets.
The recent action taken by the Nagpur City Tehsildar Office against Hagwood Commercial Developers Pvt. Ltd., the developer responsible for a Nagpur project, resulted in the sealing of their bank account and a levy on December 7. This decisive step led to the successful recovery of Rs 4.71 crores.
Maharera’s commitment to consumer protection is evident in the 1053 warrants it has issued to date, targeting the recovery of damages totaling Rs 627.70 crores. Remarkably, Maharera has successfully recovered Rs 133.56 crores against 190 warrants, showcasing the regulatory authority’s unwavering dedication to securing justice for consumers.
The Nagpur case, involving 18 consumers across six projects and anticipating compensation of Rs 10.03 crores, saw the recovery of Rs 4.71 crores. This substantial sum significantly streamlines the process for affected customers to receive their rightful compensation.
