In a first, the Maharashtra Real Estate Regulatory Authority (MahaRERA), with the assistance of Panvel Tehsil office, got 30% more recovery than the stipulated amount through public auction of properties.
“Recently, some properties of developer NK Bhupesh Babu in Morbi area under the Panvel Tehsil office were auctioned at the Morbi Gram Panchayat office. The successful bidder won the auction by bidding Rs4.82 crore over and above the stipulated Rs3.72 crore. This is the first case in the state that compensation money has been successfully raised through auction. This is the first such success for MahaRERA,” an official at the regulator’s office said.
Officials may confiscate more such properties
After having tasted success from this auction process, officials claim that they might confiscate more such properties where recovery of compensation amount is long pending.
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A total of Rs6.5 crore is to be recovered from this errant developer from his projects in Raigad District.
Recovery of penalties from other builders under process
There are other truant builders from whom recovery of penalties is under process. MahaRERA has issued warrants worth Rs22.2 crore in 99 cases for project delay and related matters concerning 38 projects in Raigad.
The amount recovered through this auction will now be distributed via the local revenue system to the complainants, who have been waiting long to be compensated by this specific developer.
