MahaRERA's Rs 200 Crore Real Estate Recovery Drive Gains Momentum

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recouped over Rs 200 crore from developers to compensate homebuyers. The authority issued 1,163 warrants and aims to expedite further recoveries. Efforts are concentrated in Mumbai suburban and Pune, where notable arrears remain, through the appointment of retired Tahsildars.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully retrieved over Rs 200 crore from developers to offset losses incurred by homebuyers, the organization confirmed on Monday. In a concerted push to reinforce its recovery initiative, MahaRERA disclosed it has generated 1,163 warrants to recover Rs 705.62 crore statewide.

Of the total Rs 200.23 crore thus far recovered, Rs 46.47 crore emanated from Mumbai city through 22 warrants involving 13 projects, while Mumbai suburban and Pune contributed Rs 76.33 crore and Rs 39.10 crore respectively. Notably, significant arrears remain, and efforts are being honed to address these through strategic appointments.

MahaRERA's approach includes placing retired Tahsildars at the helm in district collectorates within Mumbai suburban and Pune to expedite proceedings. The watchdog remains steadfast in its mission to ensure developers compensate homebuyers per the Real Estate (Regulation And Development) Act, 2016, a critical safeguard for consumer rights in the real estate sector.

(With inputs from agencies.)