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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully secured compensation exceeding Rs 140 crore this year from real estate developers who failed to deliver possession of apartments to homebuyers, resulting in undue hardships for the buyers. This recovery marks one of the highest achievements by any real estate regulator in the country.
MahaRERA has issued a total of 1,123 warrants in the current year, aiming to recover nearly Rs 764 crore from developers accountable for the delayed delivery of apartments. The authority has not hesitated to freeze bank accounts and attach assets as a warning to non-compliant developers. Out of the 459 identified projects, based on homebuyer complaints, recovery has been executed in 110 projects.
This achievement gains prominence against the backdrop of challenges faced by regulatory authorities across various states in enforcing orders and executing recovery warrants. Homebuyers have raised concerns about the effectiveness of such measures, making MahaRERA's recovery stand out as a positive example.
Ajoy Mehta, Chairman of MahaRERA, emphasized the authority's commitment to prioritizing troubled homebuyers. Mehta stated, "We have been issuing warrants to project developers and pushing the recovery through the collector if it is not done in a stipulated time frame." He further highlighted the continuous communication with district collectors regarding warrant recovery.
Throughout the year, MahaRERA has implemented key decisions to empower and safeguard homebuyers, leading to positive outcomes for the realty sector. The establishment of a micro control room for regulatory requirements, standardized agreements for sale and allotment letters, and detailed information disclosure through a unique identification number (DIN) and a self-affidavit are among the measures taken.
Mehta explained that these decisions are geared towards enhancing developer accountability, fostering transparency, and preventing disputes or grievances in accordance with the Real Estate (Regulation & Development) Act, 2016. By holding developers accountable, MahaRERA aims to set a model for the industry, benefiting both developers and homebuyers.
In addition, MahaRERA has unveiled a comprehensive framework on quality construction to ensure that responsibility for defects does not extend beyond the prescribed time frame. A detailed document specifying preventive actions was released, and experts and practitioners will engage in an in-depth discussion to formulate Standard Operating Procedures (SoP) for direct implementation.
Looking forward, MahaRERA remains committed to establishing and enforcing certified operating procedures to address the evolving needs and challenges of the real estate industry, thereby maintaining the heightened security of homebuyers and preventing disputes.
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