Seeing the plight of troubled homeowners who could sadly not take back the money the builders owed them, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has made an important decision. It has made it a required step for housing and real estate agents to include valid bank account details in the recovery warrants that are given to the revenue departments.
This would make the recovery process easier, faster, and less complicated, which would help the poor homebuyers who are already troubled due to not being able to recover back their money, which is struck with the real estate developers. This would also increase accountability as the bank accounts of the said builders would be at risk because their details would be with the revenue department.
This issue of struck dues of homebuyers was slowly becoming a huge issue throughout the country as authorities got delayed in recovering their dues from the developers who had defaulted.
MahaRERA has been the only real estate regulator in the country to recover huge dues from defaulting real estate developers and this move further shows their seriousness when it comes to this issue. It shows that they are very clear about their aim and are diligent in the task for which they were formed by the government.
These 160 crores rupees has been recovered after the regulatory body received more than 200 complaints for about 117 real estate projects. It issued more than a thousand warrants and aimed to recover almost 661.15 crore rupees in total dues.
If we talked about from where in Maharashtra the developers received highest number of warrants against them, that would be the financial capital of the country, the city of Mumbai. Pune is at the second spot in this category.
The process of collecting dues is hearing what both the parties have to say when they suspect that any misconduct has happened. They then tell the developers to refund the said amount with the added interest. They not only tell the developers to return the amount but do so in a certain time period. If the developers still fails to comply with the orders of the regulator, the district collectors office takes over the case. They subsequently send recovery warrants for the same so that the homebuyers can recover their dues on time and remain worry free.
