The Maharashtra Real Estate Regulatory Authority (MahaRERA), on January 18, said that properties of developers will be auctioned to collect dues worth Rs 6.77 crore. This pertains to 27 cases of default.
The MahaRERA issues recovery orders against developers in case of default in handing possession of property to homebuyers. The execution of recovery warrants has to be conducted by the respective district collectors of the area.
In this case, MahaRERA had issued warrants totalling Rs 15.11 crore in 74 cases as compensation to be paid to homebuyers in Raigad district.
Of this, the Panvel tehsildar’s office has announced an auction for the recovery of Rs 6.77 crore in 27 cases on Friday (January 20). All these auctions will be held at the Tehsil Office of Panvel on Friday under the guidance of the Raigad Collector and Resident Deputy Collector, and with the efforts of Tehsildar Panvel and his team, said MahaRERA in a statement.
The statement added that this is the first major success in the drive launched to provide relief to homebuyers through proper implementation of the warrants issued by MahaRERA.
As part of strengthening MahaRERA's monitoring system, it has begun reviewing the warrants issued. A reminder was sent to 13 collectorate offices in 13 districts to execute recoveries against warrants issued from time to time.
It included 74 cases totalling Rs 15.11 crore in Raigad district. This auction has been organised in the Panvel tehsil office in 27 cases for Rs 6.77 crore.
In the last five years, MahaRERA has issued 751 recovery warrants against developers for around Rs 717 crore, as per June 2022 data.
Also read: Nirmal Developers’ land parcel in Mumbai to be auctioned for 'delayed' possession to homebuyers
However, there have been complaints from homebuyers that these warrants are not being executed by the collector's office. Owing to this, MahaRERA has launched an initiative to follow up with the respective collector’s office over execution of these recovery warrants.
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