By Raju Vernekar
Mumbai: October 15 : With the Maharashtra Government’s new comprehensive procedure and the assistance from the respective District Collectorates across the state, Maharashtra Real Estate Regulatory Authority (MahaRERA) has been able to recover Rs 369.45 crore from 2017 till now, towards compensation to affected homebuyers.
Since formation of MahaRERA in May 2017, the regulator has issued recovery orders totaling Rs 1,037.86 crore towards compensation to 1,531 complainants. Of these, cases involving Rs 104.70 crore are pending before the National Company Law Tribunal (NCLT), while cases involving Rs 104.46 crore fall under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (MPID Act). Due to this, recovery proceedings involving approximately Rs 209.16 crore has been restricted at present. The compensation recovery rate stands at 45%, placing MahaRERA first among RERA authorities in India in terms of compensation recovery.
A quasi-judicial body such as MahaRERA (which also includes the Supreme Court and all other judicial authorities) has the power only to issue recovery orders on a case-by-case basis. Under Section 40(1) of the Real Estate (Regulation and Development) Act, 2016, the actual implementation of these orders rests exclusively with the revenue authorities, namely the offices of the District Collectors, in accordance with the provisions of the Maharashtra Land Revenue Code, 1966.
To expedite the recovery of amounts of the warrants, the Maharashtra government introduced a new, comprehensive procedure under which, the government has designated the Resident Deputy Collectors and Additional District Collectors in every district as dedicated Revenue Recovery Officers solely for MahaRERA cases. This move has given a fillip to the entire recovery process and immensely helped in increasing the recovery rate, thereby providing relief to the affected homebuyers.
If the erring developer fails to comply with the compensation recovery order to be paid to the homebuyer within a stipulated time, MahaRERA issues a recovery warrant and sends it to the District Collectorate of the respective area to initiate recovery proceedings.
The recovered amount of Rs 369.45 crore includes: Mumbai Suburban collectorate- Rs 142.31 crore out of Rs 415.93 crore, Mumbai City Collectorate-Rs 85.80 crore of Rs 231.81 crore, Pune collectorate-Rs 68.63 crore of Rs 230.45 crore, Thane City collectorate-Rs 36.79 crore of Rs 87.45 crore and Raigad collectorate (Alibaug) Rs 12 crore of Rs 27.54 crore.
Apart from this, Nagpur has recovered Rs 9.65 crore, Palghar has recovered Rs 4.90 crore, Nashik Rs 4.90 crore, Chhatrapati Sambhaji Nagar Rs 3.84 crore, Sindhudurg Rs 54 lakh, Solapur Rs 12 lakh and Chandrapur Rs 9 lakh, bringing the outstanding compensation amount to “Zero” in these districts.
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