Rs 200 cr of homebuyer's compensation recovered from realtors: MahaRERA

The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Monday said it has recovered over Rs 200 crore from developers to compensate homebuyers for their losses. The authority also outlined plans to further intensify its recovery efforts.

The real estate watchdog said it has issued 1,163 warrants for recovering Rs 705.62 crore across the state and has made developers cough up Rs 200.23 crore from 283 warrants involving 139 real estate projects, as per an official statement.

Over Rs 378 crore of the recoveries are due from Mumbai suburban and Pune alone, the statement said, adding that specific efforts are being undertaken to expedite the same like appointing retired Tahsildars (revenue officials) in the offices of the district collectorates in Mumbai suburban and Pune.

 

Of the Rs 200 crore in recoveries, Mumbai city contributed Rs 46.47 crore in recoveries involving 22 warrants in 13 projects, Rs 76.33 crore came from 85 warrants in 42 projects in Mumbai suburban and Rs 39.10 crore from Pune from 57 warrants to 36 projects.

The recoveries are slow in Mumbai suburban and Pune, where notices have been issued for Rs 304.45 crore and Rs 189.82 crore but builders have coughed up smaller amounts.

"MahaRERA has decided to appoint retired Tahsildars on a pilot basis in the offices of the District Collectorates in Mumbai suburban and Pune, where there are more recovery cases as well as high arrears. Depending on the need, similar appointments will be considered in other districts as well," the body's chairman Manoj Saunik said.

The regulator hears complaints from homebuyers and asks developers to pay interest, compensation for losses, or refunds within a prescribed time limit.

"If the developer fails to pay the amount within the given time, the role of the District Collector's office becomes crucial in recovering the amount," the statement said, adding that this is done under the Real Estate (Regulation And Development) Act, 2016's Section 40(1) that authorises the District Collectors to recover the dues as arrears of land revenue.

Among the other districts, Thane has Rs 62.58 crore due from 191 warrants in 81 projects of which only Rs 11.65 crore has been paid by the developers, while Palghar has Rs 19.86 crore in dues from 79 warrants in 32 projects and realtors have paid only Rs 4.49 crore.

Chandrapur has received Rs 9 lakh from a single warrant, while Sindhudurg (Rs 54 lakh payable from 2 projects), Satara (Rs 12 lakh, due from one project), Ratnagiri (Rs 6 lakh, due from a project), and Solapur (Rs 1 lakh, due from a project) are yet to receive any recoveries.