The Panvel Tehsil office has auctioned properties of Navi Mumbai developer NK Bhupeshbabu in Morbi gram panchayat and has managed to recover Rs 4.82 crore. This is above the price of Rs 3.72 crore set for the properties auctioned.
MahaRERA had issued as many as 33 warrants to recover a total sum of Rs 6.5 crore from developer NK Bhupeshbabu. According to MahaRERA officials, the reserve price for the properties of developer Bhupeshbabu was set at Rs 3.72 crore. However, the bidder, who won the auction, bid a sum of Rs 4.82 crore.
The bidder has deposited 25% of the amount at the Panvel Tehsil office. MahaRERA has been issuing recovery warrants in various instances, where the developer refuses to abide by the order of the regulatory authority.
However, home buyers complain that revenue officials are not serious about carrying out the revenue recovery process. This has resulted in home buyers being left high and dry. However, MahaRERA has started pursuing offices of the District Collectors and revenue authorities for completion of the recovery process with regard to the warrants issued to each collectorate.
While hearing various complaints, MahaRERA has issued 99 warrants amounting to Rs 22.2 crore to the Raigad District Collectorate. These cases concern as many as 38 projects in the district. Of the 99 warrants, 33 warrants for recovery of Rs 6.50 crore are against NK Bhupeshbabu, promoter of Enkay Garden.
The Panvel Tehsil office had seized various properties of the developer, before carrying out the auction process. The amount recovered from the auction will be distributed by the revenue official to the complainants as per the compensation approved by MahaRERA.