After nine warrants, MahaRERA recovers Rs 9 crore from five developers, ET RealEstate

July 14, 2023
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MUMBAI: About Rs 9 crore, which was due to home buyers as compensation and refunds from five developers, was recovered without going through the auction process after MahaRERA issued warrants for the same. The MahaRERA had issued nine warrants in Mumbai city, suburbs and Pune district to recover Rs 8.72 crore.

According to MahaRERA officials, the nine warrants were issued after developers failed to make payments for refund or compensation. However, in some instances, the developers deposited the amounts to be paid to the home buyers with the District Collectorate and in some cases, the builder paid the home buyers directly and settled the complaints.

Samriddhi Developers and Wondervalue Realty, who are Mumbai based, paid a sum of Rs 6.46 crore together. Of this, Wondervalue Realty paid a sum of Rs 6.26 crore to a single customer.

In the Mumbai suburban district, Reliance Enterprises and Ruchi Priya Developers together paid a sum of Rs 1.84 crore, of which Reliance Enterprises paid a sum of Rs 1.78 crore to a single home buyer.

In Pune district, the Darode Jog Homes paid a compensation of about Rs 42 lakh to a home buyer. MahaRERA has been pursuing various district collectorates in the country for execution of recovery warrants issued by the housing regulator. MahaRERA has so far issued 1,015 warrants for recovery of damages amounting to Rs 623.30 crore.

  • Published On Jul 14, 2023 at 09:08 AM IST

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