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In an effort to prevent the auctioning of their assets, developers have stepped up to pay the necessary compensation owed to homebuyers. In some cases, they have even resolved complaints through mutual agreement with the homebuyers.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully recovered over Rs 8 crore from 20 issued recovery warrants in Mumbai city and suburbs, as well as in Raigad and Thane districts. This was achieved without having to resort to the complete recovery process of auctioning off properties of delinquent developers.
MahaRERA has actively collaborated with district collector offices to carry out the recovery process. This proactive approach encouraged developers to come forward and deposit the compensation due to homebuyers. In certain instances, developers have even amicably settled disputes with homebuyers.
MahaRERA officials reported that 11 developers in Mumbai suburban, Mumbai city, Raigad, and Thane districts have deposited a total of Rs 8,57,26,846 in matters involving 20 issued warrants. To date, MahaRERA has issued over 1,000 recovery warrants aiming to recover a sum of Rs 624 crore. Out of these, district collector offices have successfully recovered 124 warrants, totalling Rs 113 crore.
Among the developers who have paid the required amounts to the collectorates or sought settlement with the aggrieved homebuyers, five are from Mumbai suburban district. These include Vidhi Realtors, Skystar Bidcon, Lohitka Properties, Vision Developers, and Vijaykamal Properties. In Mumbai city, there are three developers - Matoshree Properties, Shree Sadguru Deluxe, and Falak Developers. Of the total 11, Ravi Developers and Natasha Developers are from Thane.
In conclusion, the efforts of MahaRERA to recover owed sums from developers have been a success. By avoiding property auctions and encouraging direct resolution, they have ensured that homebuyers are compensated, and conflicts are efficiently resolved. Their work serves as a prime example of regulatory authorities ensuring compliance and protecting consumers' interests.
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