MahaRERA issued 1,123 warrants, aiming to recover nearly Rs 764 crore from developers responsible for delays in apartment handovers. The authority also warned of freezing bank accounts and attaching assets to enforce compliance.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made a significant stride in the recovery of compensation for homebuyers, securing over Rs 140 crore this year from real estate developers who failed to deliver possession of apartments on time. This achievement stands as one of the country’s highest recoveries by any real estate regulator.
In 2023, MahaRERA issued 1,123 warrants, aiming to recover nearly Rs 764 crore from developers responsible for delays in apartment handovers. The authority also warned of freezing bank accounts and attaching assets to enforce compliance. Notably, 110 out of 459 identified projects faced recovery actions, showcasing the effectiveness of MahaRERA’s initiatives.
Ajoy Mehta, Chairman of MahaRERA, emphasized the authority’s commitment to prioritizing troubled homebuyers’ recovery. The measures include issuing warrants to developers, collaborating with district collectors, and implementing decisions to empower and safeguard homebuyers. These decisions, such as standardized agreements and a unique identification number system, contribute to transparency and accountability in the real estate sector.
Mehta stated that MahaRERA’s systematic approach aims to prevent disputes, uphold the Real Estate (Regulation & Development) Act, 2016, and enhance developers’ accountability. The authority’s commitment extends to future development, with plans to establish and enforce certified operating procedures aligned with industry needs.
In response to concerns over defects, MahaRERA has outlined a comprehensive framework for quality construction, ensuring that responsibilities are within prescribed time frames. The authority plans to collaborate with experts to formulate Standard Operating Procedures based on the feedback received during consultations.
MahaRERA’s actions set a precedent for other regulators, showcasing the potential for transparency, accountability, and homebuyer protection in the real estate sector.
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