Mumbai accounts for the largest share of compensation recovered from developers who owe money to homebuyers, with Rs 228 crore collected across Mumbai City and Mumbai Suburban districts. However, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered only about 45% of the Rs 1,037.86 crore covered by its recovery orders since May 2017.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered Rs 369.45 crore in compensation for homebuyers across 273 real estate projects, following the issuance of 516 recovery warrants against developers over the past nine years. The orders cover 1,531 complainants across the state.
According to MahaRERA, Mumbai Suburban recorded the highest recovery at Rs 142.31 crore, followed by Mumbai City at Rs 85.80 crore. Pune accounted for around Rs 68 crore in recoveries, while Thane City recorded Rs 36 crore and Alibaug Rs 12 crore.
Despite the collections, a substantial amount remains unpaid. Mumbai Suburban accounts for approximately Rs 415 crore in recovery orders, followed by Mumbai City at Rs 231 crore and Pune at Rs 230 crore. Together, these districts account for the bulk of the recovery orders issued across Maharashtra.
MahaRERA said recovery proceedings involving Rs 209.16 crore are currently restricted. This includes Rs 104.70 crore in cases pending before the National Company Law Tribunal (NCLT) and Rs 104.46 crore in cases covered under the Maharashtra Protection of Interest of Depositors Act, 1999.
The authority relies on district collectorates to execute recovery warrants against developers who fail to pay compensation. MahaRERA’s recovery rate of around 45% is the highest among real estate regulatory authorities in India, according to the regulator.
Source: Hindustan Times
