The MahaRera has managed to recover over Rs 8 crore against 20 recovery warrants issued in Mumbai city, Mumbai suburbs, Raigad and Thane district, without going through the whole recovery process of auctioning properties of errant developers.
Maharera has been pursuing concerned offices of district collectors for carrying out the recovery process.
To avoid auctioning of their properties, the developers have come forward and deposited the compensation amount that had to be paid to the homebuyer and in some instances, they have settled the complaints in mutual agreement with the homebuyers.
According to MahaRera officials, a sum of Rs 8,57,26,846 has been deposited by 11 developers in Mumbai suburban, Mumbai city, Raigad and Thane districts in matters where the MahaRera has issued as many as 20 warrants against them. The MahaRera has issued over 1,000 warrants for recovering a sum of Rs 624 crore till date. Of these, the offices of District Collectors have managed to recover 124 warrants amounting to Rs 113 crore.
“Many of these developers, against whom recovery warrants were issued, were sitting tight under the impression that the recovery process, which includes seizing and auctioning of properties of the developer will not be pursued vigorously. But once MahaRera started following it up with the offices of the Collector, some of them deposited the amount to be recovered on their own. While some have gone for a settlement with the complainants and even executed and registered an agreement of the settlement,” said an official.
Of the developers who have deposited the amounts with Collectorates or have gone for settlement with the aggrieved homebuyers, five are from Mumbai suburban district and include Vidhi Realtors, Skystar Bidcon, Lohitka Properties, Vision Developers and Vijaykamal Properties. Three developers – Matoshree Properties, Shree Sadguru Deluxe and Falak Developers – are from Mumbai city. Among the total of 11, two are from Thane – Ravi Developers and Natasha Developers.