By Staff Reporter
Mumbai: MahaRera, the Maharashtra Real Estate Regulatory Authority, has made remarkable progress in recovering dues without resorting to the auctioning of properties belonging to errant developers. By issuing recovery warrants and actively engaging with district collectors, MahaRera has managed to recover over Rs 8 crore across Mumbai city, Mumbai suburbs, Raigad, and Thane districts.
The developers, in an effort to avoid the auctioning of their properties, have voluntarily deposited the compensation amounts owed to homebuyers or reached mutual agreements to settle the complaints. In Mumbai suburban, Mumbai city, Raigad, and Thane districts, 11 developers have collectively deposited Rs 8,57,26,846 in response to the 20 warrants issued against them by MahaRera. Additionally, the offices of District Collectors have successfully recovered 124 warrants amounting to Rs 113 crore out of the 1,000 warrants issued for the recovery of Rs 624 crore.
Previously, some developers had presumed that the recovery process, including property seizure and auctioning, would not be pursued diligently. However, once MahaRera initiated collaboration with the District Collectors, developers took action by depositing the outstanding amounts or engaging in settlements with the complainants. Several developers have even executed and registered settlement agreements to resolve the disputes.
Among the developers who have either made deposits or settled with homebuyers, five are from Mumbai suburban district, including Vidhi Realtors, Skystar Bidcon, Lohitka Properties, Vision Developers, and Vijaykamal Properties. Three developers from Mumbai city, namely Matoshree Properties, Shree Sadguru Deluxe, and Falak Developers, have also taken steps towards resolution. Ravi Developers and Natasha Developers, both based in Thane, are among the 11 developers who have cooperated with MahaRera.
MahaRera’s success in recovering significant amounts through mutual settlements and voluntary deposits demonstrates its commitment to ensuring justice for homebuyers. By actively pursuing recovery and engaging with relevant authorities, MahaRera is making a substantial impact in the real estate sector, promoting transparency and protecting the interests of consumers.
Overall, the progress made by MahaRera serves as a positive example for the industry, showcasing the effectiveness of proactive measures in resolving disputes and providing timely compensation to homebuyers.