Mumbai: After MahaRERA's warrants, Panvel properties worth Rs 6.77 Cr to be auctioned on Friday

Mumbai: After MahaRERA's warrants, Panvel properties worth Rs 6.77 Cr to be auctioned on Friday

The Panvel tehsildar's office will hold the auction of properties worth Rs6.77 crore on Friday, in line with warrants issued by the Maharashtra Real Estate and Regulatory Authority (MahaRERA) to recover compensation that was to be paid to home buyers.

Ateeq ShaikhUpdated: Wednesday, January 18, 2023, 08:24 PM IST
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MaHaReRa | File photo

Mumbai: The Panvel tehsildar's office will hold the auction of properties worth Rs6.77 crore on Friday, in line with warrants issued by the Maharashtra Real Estate and Regulatory Authority (MahaRERA) to recover compensation that was to be paid to home buyers.

A MahaRERA official said warrants have been issued in 74 cases, to the tune of Rs15.11 crore, to be recovered from various developers in Raigad district. Of these, the Panvel tehsildar office has announced an auction for the recovery of Rs6.77 crore in 27 cases.

Recovery of compensation is the biggest challenge that homebuyers face as developers do not take the MahaRERA orders seriously for compliance, leaving the flat owners in the lurch with justice being denied.

In the last five years, MahaRERA has issued 773 warrants against developers for irregularities and recovery letters worth Rs730 crore to 13 district collectors across Maharashtra. However, not all developers complied. The complaints for which recovery or compensation orders were given included cases of non-handover of house possession, delay by the builder in delivering the project, partial abandonment of residential projects and non-maintenance of prescribed quality, among others.

The defaulting developers are ordered to pay either the compensation amount, refund and in several cases even interest along with other payments. These payments are to be made within the prescribed time frame. When they remain unpaid, a warrant is issued for the Collector to recover the amount as per law which authorises the Collector's office to recover arrears of land revenue as per the provisions of the Maharashtra Land Revenue Act.

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