Latest News | Relief to Flat Buyers of Stuck Projects, Rs 101 Cr Recovered from Builders: MahaRERA

Mumbai, Feb 2 (PTI) Follow-ups on compensation orders for flat buyers has resulted in recovery of Rs 101 crore from developers in Maharashtra, the real estate regulator for the state said on Thursday.

Maharashtra Real Estate Regulatory Authority (MahaRERA) regularly passes orders against developers who have not delivered on projects and follows up on them by sending warrants for recoveries to district collectors, it said in a statement.

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Follow-up actions since December resulted in developers at 118 projects in Mumbai city, Mumbai suburbs, Pune and Raigad paying up Rs 100.56 crore, it added.

A total of 594 warrants were issued for the recovery of Rs 413.79 crore from the developers in the four districts, which led to the recoveries, the statement said.

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In Mumbai city, 3 warrants led to the recovery of Rs 11.42 crore from demands for Rs 44.92 crore in 14 warrants, while the same in Mumbai suburbs was 80 warrants leading to the recovery of Rs 55.57 crore as against demands of Rs 255.84 crore through 343 warrants.

MahaRERA said it receives complaints for non-delivery of units as per designated timelines, abandoning a project midway and poor quality of housing units, after which it conducts hearings and finally levies the recovery amounts.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)