Maharera Auctions NK Bhupeshbabu’s Panvel Properties, Raises Compensation Money
Mumbai, April 27, 2023: In a significant breakthrough, the Maharashtra Real Estate Regulatory Authority (Maharera) has successfully auctioned some properties of developer NK Bhupeshbabu at Morbi under the Panvel Tehsil Office.
The auction raised a whopping Rs 4.82 crore, exceeding the stipulated amount of Rs 3.72 crore. The successful bidder has already deposited 25 percent of the amount in the Panvel Tehsil Office, as per the auction conditions. This is the first time that compensation money has been raised through auction in the state.
Maharera has been pursuing this case relentlessly and has issued warrants worth Rs 22.2 crore in 99 cases for delays and other similar matters in 38 projects in Raigad district. The recovery of Rs 6.50 crore from NK Bhupeshbabu against 33 warrants is a significant victory for Maharera. To achieve this, the Panvel Tehsil Office had seized the properties of survey numbers 93/2/9, 93/3, 93/5, 93/6, 93/9, 93/11 at Mauje Morbe.
According to legal provisions, the amount raised from the auction will be distributed through the local revenue system to the complainants in this project as per the compensation approved by Maharera. This is an important step towards ensuring that aggrieved homebuyers receive the compensation they are due.
Maharera has been conducting hearings from time to time to ensure the effective implementation of orders regarding payment of interest, damages, and refunds. The regulatory authority is committed to further strengthening and empowering this particular mechanism to provide greater protection to homebuyers.
This auction has set a precedent for the successful recovery of compensation through auctioning properties of defaulting developers.
