Maharashtra’s Real Estate Regulatory Authority Becomes Beacon of Hope for Property Buyers
In a landmark achievement, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully recovered a staggering sum of Rs 160 crore in compensation for homebuyers. This feat, accomplished over the last 14 months, solidifies MahaRERA’s position as the leading real estate regulator in India.
With an unwavering commitment to safeguarding the interests of homebuyers, MahaRERA has implemented strategic measures to enhance the efficiency of compensation recovery processes. Notably, the inclusion of developers’ bank account details in recovery warrants issued to the Revenue Department stands out as a pivotal step towards expediting compensation retrieval.
Since January 2023, MahaRERA appointed a retired Additional Collector dedicated to facilitating compensation recovery on behalf of homebuyers. Through meticulous coordination with local administrative bodies across Maharashtra, significant progress has been made in reclaiming dues owed to aggrieved homebuyers.
The tireless efforts of MahaRERA have borne fruit, with Rs 159.1 crore recovered from 237 complaints spanning 117 projects. This remarkable achievement underscores MahaRERA’s proactive approach towards addressing grievances within the real estate sector.
District-wise Warrants and Recovery: MahaRERA’s Impact Across Maharashtra
1. Mumbai City
- Total of 32 warrants issued from 17 projects to recover Rs 64.73 crore.
- Rs 21.19 crore recovered through 14 warrants belonging to 8 projects.
2. Mumbai Suburb
- A substantial 434 warrants from 114 projects issued to recover Rs 298 crore.
- Notably, Rs 71.06 crore recovered through 75 warrants encompassing 40 projects.
3. Pune
- Witnessing significant activity, Pune accounted for 239 warrants from 123 projects to recover Rs 181.49 crore.
- Rs 38.90 crore successfully recovered through 55 warrants across 35 projects.
4. Thane
- With 174 warrants from 77 projects, efforts in Thane led to the recovery of Rs 58.7 crore.
- However, a comparatively smaller portion of Rs 4.73 crore was recovered through 7 warrants in 8 projects.
5. Alibag/Raigad
- A total of 106 warrants issued from 42 projects aimed to recover Rs 21.18 crore.
- Encouragingly, Rs 7.45 crore was recovered through 56 warrants linked to 18 projects in this region.
6. Palghar
- Despite challenges, Palghar saw 65 warrants from 30 projects, resulting in the recovery of Rs 17.68 crore.
- Notably, Rs 1.64 crore was recovered through 4 warrants associated with 4 projects.
7. Nagpur
- A modest yet significant effort in Nagpur with 19 warrants issued from 5 projects, aiming to recover Rs 10.66 crore.
- Impressively, Rs 9.41 crore was successfully recovered through 12 warrants from a single project, indicating focused attention.
8. Chhatrapati Sambhajinagar (Aurangabad)
- In this region, 13 warrants were issued from 2 projects to recover Rs 4.04 crore.
- The recovery of Rs 3.84 crore through 9 warrants underscores effective enforcement measures.
9. Nashik
- Nashik accounted for 6 warrants from 5 projects in the pursuit of recovering Rs 3.85 crore.
- Encouragingly, Rs 0.7 crore was recovered through 3 warrants across 3 projects.
10. Chandrapur
- A singular effort in Chandrapur resulted in the issuance of 1 warrant from 1 project to recover Rs 0.09 crore, with complete recovery achieved.
Apart from these, compensation of Rs 12 lakh, Rs 6 lakh and Rs 1 lakh for complaints from Satara, Ratnagiri and Solapur, respectively is yet to be recovered.
Through stringent enforcement of regulatory mechanisms, MahaRERA remains steadfast in its mission to instill confidence and integrity in the real estate sector. As Maharashtra’s beacon of hope for property buyers, MahaRERA sets a precedent for transparent and accountable governance within the realm of real estate regulation.
