Maha govt recovers Rs 100 Cr from developers for delayed possession

In a relief to homebuyers facing cases of delayed or denied possession, the Maharashtra government authorities have recovered Rs 100 crore from real estate developers.

This recovery was on the basis of recovery warrants issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA), according to a statement issued by the authority on February 2.

MahaRERA, in a statement, said that the recovery by respective district collectors was made after it sent reminders to 13 district collectors' offices for the recovery of Rs 495 crore by way of executing 594 warrants.

The MahaRERA statement said, "The follow-up and monitoring initiated by MahaRERA for the recovery of warrants issued from time to time has helped affected home buyers in 118 cases in Mumbai city, Mumbai suburbs, and Pune and Raigad districts to get compensation of around Rs 100.56 crore so far."

According to MahaRERA, out of this amount, Rs 11.42 was recovered in Mumbai, Rs 55.57 crore in Mumbai Suburban, Rs 32.76 in Pune district, and Rs 15.10 crore in Raigad district.

In the last five years, MahaRERA has issued 751 recovery warrants against developers for around Rs 717 crore, as per June 2022 data.