MahaRERA Recovers Rs 200 Crore Compensation for Homebuyers Across Maharashtra

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully recovered Rs 200.23 crore as compensation for homebuyers' losses from defaulting developers across the state. This includes notable recoveries of Rs 76.33 crore from Mumbai suburban, Rs 46.47 crore from Mumbai city, and Rs 39.10 crore from Pune, among other districts.

MahaRERA Chairman Manoj Saunik highlighted the authority’s consistent efforts in addressing homebuyers' complaints and ensuring that the compensation ordered is duly paid. To streamline the recovery process, MahaRERA has appointed a retired senior officer from the revenue department to coordinate with District Collectors, Deputy Collectors, and Tahsildars, significantly expediting the recovery process.

To tackle the backlog in areas with high arrears, MahaRERA has launched a pilot initiative by appointing retired Tahsildars in the District Collectorate offices of Mumbai suburban and Pune. Depending on the program’s success, this measure may be extended to other districts as well, Saunik added.

So far, MahaRERA has issued 1,163 warrants to recover Rs 705.62 crore across 442 projects, recovering Rs 200.23 crore through 283 warrants linked to 139 projects.

Complaints from homebuyers are resolved through hearings, where developers are directed to pay interest, compensation, or refunds within a stipulated timeframe. If developers fail to comply, the District Collector’s office steps in to recover the dues under Section 40(1) of the Real Estate (Regulation and Development) Act, 2016, and provisions of the Maharashtra Land Revenue Act, 1966.

This initiative reflects MahaRERA’s commitment to protecting homebuyers and ensuring accountability in the real estate sector.