Mumbai, May 22nd, 2023: The Maharashtra Real Estate Regulatory Authority (Maharera) has been actively pursuing the recovery of warrants issued by the authority for compensation to customers. In a significant development, properties belonging to several developers have been confiscated, and the auctioning process has commenced in multiple locations under the supervision of Maharera.
The relentless efforts of Maharera have prompted some developers to come forward and either pay the compensation amounts or settle the issue with the affected consumers to prevent the confiscation of their assets.
A total of Rs 8,57,26,846 has been collected from 11 developers operating in Mumbai suburbs, Mumbai city, Raigad, and Thane districts to comply with 20 Maharera warrants.
To date, Maharera has issued 1007 warrants for the recovery of damages amounting to Rs 624.46 crore. Out of these, 124 warrants have been successfully recovered, totaling Rs 113.17 crore. Maharera remains committed to pursuing the recovery of the remaining amount.
Among the developers who have made deposits or reached settlements with customers are Vidhi Realtors, Skystar Buildcon, Lohitka Properties, Vision Developers, and Vijaykamal Properties. Vidhi Realtors and Vijaykamal Properties have collected amounts of Rs 4,01,97,000 and Rs 57,84,000, respectively, settling claims worth Rs 1,740,000, Rs 37,25,000, and Rs 2,566,137, for a total of Rs 5,39,87,137.
Vision Developers has resolved the issue through reconciliation in the High Court, while Vidhi Realtors and Vijaykamal Properties have compromised with customers and registered the settlement agreements with the Deputy Registrar’s office.
Matoshree Properties, Shree Sadguru Deluxe, and Falak Developers, operating in Mumbai City, have collected a total of Rs 47,95,550 for three warrants, with amounts of Rs 22,50,000, Rs 15,75,000, and Rs 9,70,550, respectively.
In the case of Vinay Aggarwal, a developer from the Alibag area in Raigad district, he owes over Rs 1 crore as compensation for 13 warrants. However, he has already deposited Rs 78,85,431 with the Tribunal, which fulfills 10 warrants.
Two developers from Thane, namely Ravi Developers and Natasha Developers, owe Rs 1,19,58,728 each for warrants issued against them. A sum of Rs 71 lakh has been deposited by these developers.
In total, 11 developers have paid Rs 8,57,26,846 against 20 warrants issued by Maharera, with some successfully settling claims.
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