Get App
Download App Scanner
Scan to Download
Advertisement

Rs 142 Crore For Mumbai Suburban, Rs 68 Crore For Pune: Who Tops MahaRERA Recovery List?

Across Maharashtra, 1,675 warrants have been issued across 632 projects, covering dues of Rs 1,199.97 crore.

Rs 142 Crore For Mumbai Suburban, Rs 68 Crore For Pune: Who Tops MahaRERA Recovery List?
Mumbai city has 65 warrants across 36 projects and dues of Rs 229.15 crore, with about 38% recovered.
Unsplash

Mumbai suburban leads the recovery of dues from defaulting developers through MahaRERA recovery warrants, with Rs 142.35 crore recovered.

The suburban area is followed by Mumbai city at Rs 86.74 crore and Pune at Rs 67.66 crore, according to district-wise data.

Across Maharashtra, 1,675 warrants have been issued across 632 projects, covering dues of Rs 1,199.97 crore.

Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay

Of that, Rs 367.71 crore, about 31%, has been recovered, leaving roughly Rs 832 crore outstanding.

Mumbai Region Dominates

Mumbai suburban accounts for 647 warrants across 182 projects, with dues of Rs 496.58 crore. Recovery there stands at about 29%.

Mumbai city has 65 warrants across 36 projects and dues of Rs 229.15 crore, with about 38% recovered, the highest rate among the major districts.

Pune, Thane Follow

Pune has 364 warrants across 166 projects and dues of Rs 260.11 crore, of which about 26% has been recovered.

Thane has 295 warrants across 117 projects and dues of Rs 116.81 crore, with Rs 34.89 crore, about 30%, recovered.

These four districts together account for Rs 331.64 crore, about 90% of the total recovered.

ALSO READ | MahaRERA Tribunal Quashes Turf View Deregistration; DB Realty-Linked Promoters Fined 2% Of Project Cost

Weak Spots

Palghar has recovered just Rs 4.97 crore of Rs 32.43 crore, about 15%, across 97 warrants.

Raigad has recovered Rs 11.9 crore of Rs 42.26 crore across 145 warrants. Kolhapur and Ratnagiri have recovered nothing so far, though their dues are small, at Rs 0.02 crore and Rs 1.49 crore respectively.

Smaller Districts

Aurangabad has recovered Rs 3.84 crore of Rs 4.04 crore. Chandrapur, Sindhudurg and Solapur have recovered their dues in full.

Nagpur has recovered Rs 9.65 crore of Rs 10.9 crore, and Nashik Rs 4.91 crore of Rs 5.07 crore.

ALSO READ | Rs 80 Lakh To Rs 2.5 Crore: The Residential Price Band Driving New Housing Supply

Execution Concerns

Execution of the warrants rests with district collectors. The state government appointed 12 dedicated recovery officers, two each for Pune, Mumbai suburban, Mumbai city, Thane, Palghar and Raigad, after collectors processed only 306 of 1,342 warrants.

Those six districts accounted for 1,049 of those warrants.

Reports in June said the slow pace was raising concerns about refunds owed to homebuyers, and a time-bound recovery initiative was mandated.

Under Section 40(1) of the RERA Act, recovery warrants allow authorities to attach developers' properties to recover dues owed to homebuyers.

Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.

Newsletters

Update Email
to get newsletters straight to your inbox
⚠️ Add your Email ID to receive Newsletters
Note: You will be signed up automatically after adding email

News for You

Set as Trusted Source
on Google Search
Add NDTV Profit As Google Preferred Source
Listen to the latest songs, only on JioSaavn.com