Mumbai: MAHARERA Recovers ₹8.73 Crore From Developers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has managed to recover ₹8.73 crore from five developers, who had defaulted on paying compensation to homebuyers, in Mumbai and Pune.

In the latest round of recovery, ₹8,72,71,000 have been paid as compensation by five developers from the projects in Mumbai city, suburban Mumbai and Pune against the nine warrants that were issued. Earlier, ₹8.57 crore was recovered towards 20 warrants served to 11 developers.

Housing regulator issues 1,015 warrants

So far, the housing regulator has issued 1,015 warrants to recover compensation summing up to ₹623.30 crore. Of these, there has been recovery of ₹131.32 crores against 180 warrants.

“The MahaRERA is in constant touch with the collector offices concerned to collect the warrants issued for compensation to the homebuyers. Due to the pursuit of MahaRERA, the processes of auctions have been started by confiscating the properties of the concerned developers at several locations. Owing to this action, as in other cases, developers are coming forward to pay compensation amounts or settle the issue with the consumers concerned to avoid any kind of forfeiture,” said a MahaRERA official.

Developers paid up compensation amount

Among those who paid up the compensation and refund amount include Samriddhi Developers, Wondervalue Realty Private Ltd. These two developers have paid up ₹6.46 crore.

There were two developers from suburban Mumbai as well, Reliance Enterprises and Ruchi Priya Developers. These two developers have paid compensation of ₹1.84 crore. In this, the amount paid by Reliance to one customer as compensation is ₹1.78 crore.

From Pune, Darode Jog Homes has paid a compensation of ₹42.25 lakh to one of the homebuyers.