MahaRERA Recovers Rs 2 Bn for Homebuyers from Realtors
Real Estate

MahaRERA Recovers Rs 2 Bn for Homebuyers from Realtors

The Maharashtra Real Estate Regulatory Authority (MahaRERA) announced that it has successfully recovered over Rs 2 billion from developers to compensate homebuyers for their losses. The authority also outlined plans to intensify its recovery efforts further.

MahaRERA issued 1,163 warrants across the state to recover a total of Rs 7 billion, of which Rs 2 billion has been collected from 283 warrants involving 139 real estate projects, as stated in an official release.

Of the recovered amount, Rs 378 crore is due from Mumbai suburban and Pune, where specific efforts are underway to expedite the recovery process, including the appointment of retired Tahsildars (revenue officials) in the offices of district collectorates in these regions.

From the Rs 200 crore recovered, Mumbai city contributed Rs 46.47 crore from 22 warrants in 13 projects, while Mumbai suburban contributed Rs 76.33 crore from 85 warrants in 42 projects. Pune saw Rs 39.10 crore collected from 57 warrants in 36 projects.

MahaRERA's recovery efforts have faced delays in Mumbai suburban and Pune, where notices have been issued for Rs 304.45 crore and Rs 189.82 crore, respectively. The authority has appointed retired Tahsildars on a pilot basis to assist with recovery in these areas.

The Real Estate (Regulation and Development) Act, 2016, grants the District Collector's office the authority to recover dues as land revenue arrears if developers fail to pay compensation within the prescribed time.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) announced that it has successfully recovered over Rs 2 billion from developers to compensate homebuyers for their losses. The authority also outlined plans to intensify its recovery efforts further. MahaRERA issued 1,163 warrants across the state to recover a total of Rs 7 billion, of which Rs 2 billion has been collected from 283 warrants involving 139 real estate projects, as stated in an official release. Of the recovered amount, Rs 378 crore is due from Mumbai suburban and Pune, where specific efforts are underway to expedite the recovery process, including the appointment of retired Tahsildars (revenue officials) in the offices of district collectorates in these regions. From the Rs 200 crore recovered, Mumbai city contributed Rs 46.47 crore from 22 warrants in 13 projects, while Mumbai suburban contributed Rs 76.33 crore from 85 warrants in 42 projects. Pune saw Rs 39.10 crore collected from 57 warrants in 36 projects. MahaRERA's recovery efforts have faced delays in Mumbai suburban and Pune, where notices have been issued for Rs 304.45 crore and Rs 189.82 crore, respectively. The authority has appointed retired Tahsildars on a pilot basis to assist with recovery in these areas. The Real Estate (Regulation and Development) Act, 2016, grants the District Collector's office the authority to recover dues as land revenue arrears if developers fail to pay compensation within the prescribed time.

Next Story
Infrastructure Urban

What Industry Wants!

The construction industry is gearing up for Budget 2025 with high expectations. As one of India’s key economic drivers, the sector is eagerly anticipating reforms and policies to address pressing challenges such as high input costs, funding gaps, and sustainability demands. Industry leaders across real estate, infrastructure, construction materials, and logistics have shared their wishlists, urging the government to focus on GST rationalization, increased CAPEX, and green initiatives.This year’s budget presents an opportunity for the government to not only tackle existing bottlenecks but a..

Next Story
Infrastructure Urban

Messe Stuttgart, Startup India Tie-Up to Boost Funding

The logistics market in India is poised for significant growth, with a projected revenue of $357.3 billion by 2030. Despite this huge potential, a recent McKinsey & Company report highlights the decline in logistics funding following the pandemic that remains a significant concern. After receiving unprecedented funding of $25.6 billion in 2021, venture capital investment in logistics startups fell sharply to $2.9 billion in 2023—a nearly 90 per cent decrease, marking the lowest since 2015. This pullback from investors is attributed to several factors, including high interest rates, a glo..

Next Story
Infrastructure Transport

JK Tyre Strengthens Road Safety Commitment

Reinforcing its unwavering commitment to road safety, JK Tyre & Industries, a leader in the tyre manufacturing industry, partnered with the Delhi Traffic Police to organise a comprehensive Road Safety Awareness Week. This initiative, held as part of National Road Safety Month (January 1–31, 2025) spearheaded by the Ministry of Road Transport and Highways (MoRTH), aimed to foster responsible driving habits and reduce road accidents. Under the theme ‘Sadak Suraksha Jeevan Raksha,’ the initiative commenced on January 16, 2025, at the Delhi Police Traffic Training Park, BKS. The program feat..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000