Maharera Auctions Builder’s Properties: Rs 4.78 Crore Compensation Disbursed to 34 Complainants In Panvel
Mumbai, 14th June 2023: A significant milestone was reached in the efforts of Maharera as a total compensation of INR 4.78 crore was successfully distributed among 34 complainants in Panvel.
The auction of Bhupesh Babu’s properties in NK Garden, held at Morbi Gram Panchayat, proved to be a major success, leading to this outcome. The highest compensation amount awarded was INR 31.57 lakh, while the lowest amount stood at INR 3.48 lakh. Additionally, out of the 34 complainants, 30 received a total of INR 6 lakh as reimbursement for their complaint-related expenses. This remarkable achievement was made possible through the active cooperation of the Raigad District Collector, concerned Deputy Collector, and Tehsildar.
Maharera’s persistent pursuit played a pivotal role in the auction process. Despite a base price of INR 3.72 crore, the auction fetched a bid of INR 4.82 crore, enabling the distribution of the principal compensation amount to the 34 complainants involved in the case. This marks the first successful instance of recovering funds from an auction and providing compensation to the complainants.
Thanks to Maharera’s unwavering efforts, it is anticipated that more properties will be seized and alternative auctions will be announced in various locations across the state in the near future.
Maharera has issued warrants amounting to INR 22.2 crore in 99 cases related to delays and similar matters concerning 38 projects in the Raigad district. From Bhupeshbabu, the developer of NK Garden in the Panvel Tehsil Office area, a total recovery of INR 6.50 crore was expected from 33 warrants. Consequently, the Panvel Tehsil Office seized the properties of survey numbers 93/2/9, 93/3, 93/5, 93/6, 93/9, and 93/11 in Mauje Morbe and conducted the auction as planned.
In accordance with the legal provisions governing the distribution of funds recovered from this auction, the amount was disbursed to the complainants involved in this project through the local revenue system, following the compensation approval granted by Maharera.
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