MahaRERA Is The Only Regulator In India To Recover Compensation Of ₹125 Crore In Just 14 Months

MahaRERA Is The Only Regulator In India To Recover Compensation Of ₹125 Crore In Just 14 Months

To make compensation recovery more effective, MahaRERA has decided to mandatorily include developer’s bank account details in the recovery warrants issued to the Revenue Department

Kamal MishraUpdated: Thursday, March 28, 2024, 02:37 PM IST
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MahaRERA |

n the last 14 months, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has managed to recover Rs 125 crore in compensation for homebuyers. With this, MahaRERA becomes the only real estate regulator in India to achieve such a record number. So far MahaRERA has managed to recover a total of Rs 160 crore.

To make compensation recovery more effective, MahaRERA has decided to mandatorily include 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. 

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

Highest Warrants and Recovery Amounts

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 Rs 298 crore. So far, Rs 71.06 crore has been recovered through 75 warrants belonging to 40 projects.

Pune is the second highest with 239 warrants to recover Rs 181.49 crore from 123 projects. Out of these, 55 warrants worth Rs 38.90 crore from 35 projects have been recovered.

In case of any wrongdoing, and after conducting hearings involving the opposing parties, the MahaRERA orders developers’ to compensate or refund the sum with interest within a prescribed timeframe. In case if a developer defaults in paying compensation, the Collector’s office plays a crucial role in recovering the amount.

Under Section 40(1) of the Immovable Property (Regulation and Development) Act, 2016 and provisions of Maharashtra Land Revenue Act, the Collector’s office has the power to recover the arrears. Hence, the recovery warrants are sent to the concerned Collectors office.

MahaRERA is trying its best to ensure effective implementation of orders it passes. Also, MahaRERA is committed to further strengthen and empower the entire system.

District-wise Warrants and Recovery

Mumbai City- Total 32 warrants from 17 projects issued to recover Rs 64.73 crore. Of which Rs 21.19 crore recovered through 14 warrants belong to 8 projects

Mumbai Suburb-Total 434 warrants from 114 projects issued to recover Rs 298 crore. Of which Rs 71.06 crore recovered through 75 warrants belong to 40 projects

Pune-Total 239 warrants from 123 projects issued to recover Rs 181.49 crore. Of which Rs 38.90 crore recovered through 55 warrants belong to 35 projects

Thane- Total 174 warrants from 77 projects issued to recover Rs 58.7 crore. Of which Rs 4.73 crore recovered through 7 warrants belong to 8 projects

Alibag/ Raigad-Total 106 warrants from 42 projects issued to recover Rs 21.18 crore. Of which Rs 7.45 crore recovered through 56 warrants belong to 18 projects

Palghar-Total 65 warrants from 30 projects issued to recover Rs 17.68 crore. Of which Rs 1.64 crore recovered through 4 warrants belong to 4 projects

Nagpur- Total 19 warrants from 5 projects issued to recover Rs 10.66 crore. Of which Rs 9.41 crore recovered through 12 warrants belong to only 1 project

Aurangabad-Total 13 warrants from 2 projects issued to recover Rs 4.04 crore. Of which Rs 3.84 crore recovered through 9 warrants belong to 2 projects

Nashik-Total 6 warrants from 5 projects issued to recover Rs 3.85 crore. Of which Rs 0.7 crore recovered through 3 warrants belong to 3 projects

Chandrapur- Total 1 warrant from 1 project issued to recover Rs 0.09 crore. Everything recovered.

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.

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