Mumbai/Pune, 13th July 2023: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made significant progress in recovering funds from builders to compensate affected customers. Through its collaboration with the respective Collector’s offices, MahaRERA has executed warrants and initiated auction processes to seize properties owned by developers involved in non-compliance.
As a result of these efforts, a total of Rs 8.72 crores has been recovered from 5 developers across Mumbai city, Mumbai suburbs, and Pune for 9 warrants. This follows the earlier payment of Rs 8.57 crores by 11 developers for 20 warrants. Some developers have also come forward voluntarily to settle compensation amounts or reach compromises with affected consumers to avoid income forfeiture.
MahaRERA has issued 1015 warrants to date, seeking the recovery of damages amounting to Rs 623.30 crores. Of these, MahaRERA has successfully recovered Rs 131.32 crores through 180 warrants. The authority continues its diligent efforts to recover the remaining amount.
Among the developers who have paid compensation or reached compromises with customers are Samriddhi Developers in Mumbai city and Wondervalue Realty Pvt. Ltd., with a total compensation amount of Rs 6.46 crores. Additionally, Wondervalue Developers provided a compensation of Rs 6.26 crores to a customer.
In Mumbai suburbs, Reliance Enterprises and Ruchi Priya Developers Pvt. Ltd. have paid a compensation of Rs 1.84 crores, with Reliance providing Rs 1.78 crores as compensation to a single customer.
Darode Jog Homes Pvt. Ltd. in Pune has also compensated one of its customers with an amount of Rs 42.25 lakhs. The cheque was presented to the concerned beneficiaries by Tehsildar Radhika Havel Bartakke on behalf of the developer.
MahaRERA’s relentless pursuit of justice and compensation for affected homebuyers demonstrates its commitment to safeguarding consumer interests and ensuring accountability in the real estate sector. The recovered funds will provide relief to customers who have suffered due to non-compliance by builders, thereby restoring faith in the industry.
