In a massive victory for homebuyers across Maharashtra, the state’s real estate regulatory authority, MahaRERA, has recovered an incredible Rs 125 crore in compensation from builders. This extraordinary feat was achieved in just the year 2023, thanks to a new and powerful mechanism put in place by the authority.
The Game-Changing Move by MahaRERA
Determined to protect the rights of homebuyers, MahaRERA took a bold step in January 2023 by appointing a retired additional collector to spearhead the recovery of compensation on behalf of aggrieved homebuyers. This strategic move has paid off in a big way, with the authority recovering a staggering Rs 159.1 crore linked to 237 complaints across 117 projects.
Relentless Pursuit of Justice
MahaRERA’s commitment to homebuyers is unwavering, as evidenced by the sheer number of warrants issued to recover compensation. A total of 1,095 warrants have been issued, amounting to a whopping Rs 661.15 crore. So far, the authority has managed to recover Rs 160 crore, leaving no stone unturned in its quest for justice.
Mumbai and Pune Lead the Way
The suburbs of Mumbai have witnessed the highest number of warrants issued, with 434 warrants from 114 projects aimed at recovering Rs 298 crore. Pune follows closely behind, with 239 warrants issued to recover Rs 181.49 crore from 123 projects.
A Powerful Mechanism for Homebuyers
Under the provisions of the Real Estate (Regulation and Development) Act, 2016, and the Maharashtra Land Revenue Act, MahaRERA has the power to issue recovery warrants to the collector’s office. This powerful mechanism ensures that builders who fail to pay compensation or refund amounts as ordered by the authority are held accountable.
Homebuyers’ Champion: MahaRERA
MahaRERA’s unwavering dedication to protecting the interests of homebuyers has set a new benchmark in the real estate industry. With its relentless pursuit of justice and its innovative approach to recovering compensation, the authority has emerged as a true champion for homebuyers across Maharashtra.
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As the real estate sector continues to evolve, homebuyers can rest assured that MahaRERA will remain vigilant, ensuring that their hard-earned investments are safeguarded and their rights are upheld at all times.
MahaRERA has recovered a total of Rs 125 crore in compensation from builders in 2023.
MahaRERA addressed 237 complaints linked to 117 projects to achieve the recovery.
MahaRERA appointed a retired additional collector to spearhead the recovery of compensation for aggrieved homebuyers.
MahaRERA has issued a total of 1,095 warrants for recovering compensation.
The total value of the warrants issued amounts to Rs 661.15 crore.
The suburbs of Mumbai witnessed the highest number of warrants issued, with 434 warrants from 114 projects.
MahaRERA operates under the Real Estate (Regulation and Development) Act, 2016, and the Maharashtra Land Revenue Act to issue recovery warrants.
So far, MahaRERA has managed to recover Rs 160 crore in compensation.
MahaRERA acts as a champion for homebuyers, protecting their interests and ensuring their rights are upheld.
Homebuyers can expect MahaRERA to remain vigilant and continue safeguarding their investments and rights as the real estate sector evolves.
MahaRERA has recovered a total of Rs 125 crore in compensation from builders in 2023.
In January 2023, MahaRERA appointed a retired additional collector to lead the recovery of compensation for aggrieved homebuyers.
The Rs 159.1 crore recovery is linked to 237 complaints across 117 projects.
MahaRERA has issued a total of 1,095 warrants to recover compensation.
The total value of the warrants issued by MahaRERA amounts to Rs 661.15 crore.
The suburbs of Mumbai and Pune have the highest number of warrants issued, with Mumbai having 434 warrants and Pune having 239 warrants.
MahaRERA has the power to issue recovery warrants under the Real Estate (Regulation and Development) Act, 2016, and the Maharashtra Land Revenue Act.
MahaRERA's role is to protect the rights of homebuyers and ensure that builders are held accountable for compensation or refunds as ordered.
MahaRERA has set a new benchmark in the real estate industry through its relentless pursuit of justice and innovative approach to compensation recovery.
Homebuyers can expect MahaRERA to remain vigilant in safeguarding their investments and upholding their rights as the real estate sector evolves.
MahaRERA has recovered a total of Rs 125 crore in compensation from builders in 2023.
In January 2023, MahaRERA appointed a retired additional collector to lead the recovery of compensation for aggrieved homebuyers.
The compensation recovery is linked to 237 complaints across 117 projects.
MahaRERA has issued a total of 1,095 warrants amounting to Rs 661.15 crore.
The suburbs of Mumbai have the highest number of warrants issued, followed by Pune.
In Mumbai, 434 warrants aim to recover Rs 298 crore, while Pune has 239 warrants to recover Rs 181.49 crore.
MahaRERA operates under the Real Estate (Regulation and Development) Act, 2016, and the Maharashtra Land Revenue Act.
MahaRERA has emerged as a champion for homebuyers, setting a new benchmark in protecting their interests and ensuring justice.
The recovery mechanism holds builders accountable for failing to pay compensation or refunds as ordered by the authority.
Yes, MahaRERA is committed to vigilance and ensuring that homebuyers' rights and investments are protected at all times.
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