MahaRERA - Developer Properties in Navi Mumbai to be Auctioned for Recovery

MahaRera - Mumbai:

The Panvel tehsildar's office will auction the assets of a Navi Mumbai builder recently to collect around INR 6.8 crore based on numerous MahaRERA recovery orders.

In Raigad district, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued recovery orders for more than Rs 15 crore.When promoters fail to pay the interest, refund, or compensation imposed by MahaRERA, recovery orders are issued.

The authority has started analysing the warrants and has issued 13 district collectorates in the state a reminder on the problem.

In 74 cases, MahaRERA issued warrants to collect Rs 15,1 crore in Compensation owed to homebuyers in the Raigad area. To collect around Rs 6.8 crore, the Panvel tehsildar's office has announced an auction of different assets belonging to N K Bhupeshbabu, the proprietor of Enkay Garden.

According to MahaRERA authorities, a reminder has been given to the offices of the state's thirteen district collectorates to help in the collection of periodically issued warrants. In a press statement, MahaRERA noted that homebuyers file complaints when promoters and developers do not hand over projects on schedule, leave projects in the middle, or do not maintain the required quality.

The authority conducts an investigation into these allegations and orders the promoters and developers to pay interest, compensation, or a refund. If the developer fails to pay the sum, the district collector's office issues recovery warrants for its collection.

In accordance with Section 40 of the Real Estate (Regulation and Development) Act, 2016, if a promoter, an allottee, or a real estate agent fails to pay, the amount may be recovered as arrears of land revenue.

In line with the rules of the Maharashtra Land Revenue Code, the district collector's office has the authority to collect land tax arrears. Therefore, MahaRERA issues warrants to the district collectors' offices. The district collector's office and revenue authorities then conduct the recovery procedures through an auction of the developers' properties.

Homebuyers commonly complain about the district collectors agencies tardiness in carrying out recovery proceedings.

Though MahaRERA's function is restricted to issuing recovery orders, we are now following up with district collectors' offices to guarantee that homebuyers get their refunds said a MahaRERA representative.