MahaRERA collects Rs 8.73 cr from 5 developers against warrants

Additionally, it has issued a total of 1,015 warrants amounting to Rs 623.30 crore.

Mumbai | Updated: July 14, 2023 03:38 AM IST

1 min read

As per MahaRERA, it collected Rs 8.57 crore from 11 developers against 20 warrants previously. (Express photo)

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has collected Rs 8.73 crore from five developers of Mumbai, Mumbai suburbs and Pune against the five warrants issued, said the regulatory authority via a media statement on Thursday July 13.

Recovery warrants are issued by MahaRERA against errant developers who are unable to complete their project. The warrants are forwarded to collectors for attachment of properties and recovery of dues.

As per MahaRERA, it collected Rs 8.57 crore from 11 developers against 20 warrants previously.

Additionally, it has issued a total of 1,015 warrants amounting to Rs 623.30 crore, whereby the authority collected Rs 131.32 crore from 180 warrants.

While in the recently collected Rs 8.73 crore, two developers are of Mumbai – Samruddhi Developers paid Rs 6.46 crore compensation to affected homebuyers and Wondervalue Developers paid Rs 6.26 crore in compensation. The developer from Pune — Darode Jog Homes Pvt Ltd paid Rs 42.25 lakh in compensation.

The money was collected without auction of properties.

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Maharashtra