MahaRERA issues warrants worth Rs 633 cr against errant developers
Real Estate

MahaRERA issues warrants worth Rs 633 cr against errant developers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued recovery warrants worth Rs 633 crore against errant developers, with the highest value in Mumbai's suburbs.

The action was taken in coordination with 13 collectorates, including Mumbai and Pune, having 717 warrants to expedite refunds to home buyers.

Mumbai's suburb area involves 302 such recoveries, followed by Pune 162 and Thane 99. These warrants were issued concerning 256 projects, from which 83 are in Pune, followed by 63 in Mumbai's suburbs and 41 in Thane. Other collectorates include Raigad, Alibaug, Palghar, Mumbai city, Nagpur, Aurangabad, Nashik, Sindhudurg and Satara.

The Chairman of MahaRERA, Ajoy Mehta, is in discussion with the revenue secretary and district collectors to execute the order soon to expedite the investments of home buyers. The adjudicating officers have issued the recovery warrants against errant developers under the Real Estate Regulation and Development Act.

Vasant Prabhu, MahaRERA secretary, said that the recovery warrants include the collector issuing an attachment certificate, attaching the property, and the developer has a chance to repay the amount. If the developers do not pay, then the process is followed by an auction.

Ramesh Prabhu, Chairman of Maharashtra Societies Welfare Association, said that once MahaRERA issued a recovery warrant order and it is not complied by the respondent or promoters, allottees can file a petition on non-execution of the order. Homebuyers may exit from a project and invest somewhere else.

Image Source

Also read: MahaRERA to decide on compensation payable to flat buyers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued recovery warrants worth Rs 633 crore against errant developers, with the highest value in Mumbai's suburbs. The action was taken in coordination with 13 collectorates, including Mumbai and Pune, having 717 warrants to expedite refunds to home buyers. Mumbai's suburb area involves 302 such recoveries, followed by Pune 162 and Thane 99. These warrants were issued concerning 256 projects, from which 83 are in Pune, followed by 63 in Mumbai's suburbs and 41 in Thane. Other collectorates include Raigad, Alibaug, Palghar, Mumbai city, Nagpur, Aurangabad, Nashik, Sindhudurg and Satara. The Chairman of MahaRERA, Ajoy Mehta, is in discussion with the revenue secretary and district collectors to execute the order soon to expedite the investments of home buyers. The adjudicating officers have issued the recovery warrants against errant developers under the Real Estate Regulation and Development Act. Vasant Prabhu, MahaRERA secretary, said that the recovery warrants include the collector issuing an attachment certificate, attaching the property, and the developer has a chance to repay the amount. If the developers do not pay, then the process is followed by an auction. Ramesh Prabhu, Chairman of Maharashtra Societies Welfare Association, said that once MahaRERA issued a recovery warrant order and it is not complied by the respondent or promoters, allottees can file a petition on non-execution of the order. Homebuyers may exit from a project and invest somewhere else. Image Source Also read: MahaRERA to decide on compensation payable to flat buyers

Next Story
Infrastructure Transport

NHAI to Upgrade Tamil Nadu Highways

To reduce congestion on key national highways in Tamil Nadu, the National Highways Authority of India (NHAI) has planned capacity upgrades for at least eight highway stretches. The improvements will include bypasses, flyovers, and four-laning in Salem, Coimbatore, Tiruppur, Nilgiris, and Cuddalore. NHAI has invited tenders to appoint consultants for preparing detailed project reports (DPRs) on these expansions. The affected highways include NH-181, NH-81, NH-532, NH-85, and NH-136. Proposed Upgrades Across Highways - NH-181 (Coimbatore-Gundlupet Route): This stretch will see four bypasses an..

Next Story
Infrastructure Transport

Ludhiana-Bathinda Highway Revived as NHAI Invites Bids

The Ludhiana-Bathinda highway project, initially stalled due to land acquisition issues, has been revived as the National Highways Authority of India (NHAI) invites fresh bids to resume construction. The project, part of the Ludhiana-Ajmer Economic Corridor, is estimated to cost Rs 24.61 billion and will be executed in two phases. Package 1, covering 30.03 km, has a budget of Rs 9.06 billion, while Package 2, spanning 45.25 km, is set to cost Rs 15.55 billion. The NHAI had previously withdrawn the project due to unavailability of land. However, intervention from Union Minister for Road Trans..

Next Story
Infrastructure Urban

Dilip Buildcon Wins Rs 460M Arbitration

Infrastructure major Dilip Buildcon has secured an arbitration award of Rs 460 million against the National Highways Authority of India (NHAI) over delays and breaches during the execution of a highway project in Karnataka. The dispute pertains to the Rehabilitation and Upgradation of the Kerala Border to Kollegala Section of NH 212, awarded to Dilip Buildcon under an Engineering, Procurement, and Construction (EPC) agreement dated June 6, 2014. The project involved two-lane expansion with paved shoulders and four-lane development under the National Highways Development Project (NHDP) Phase IV..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?