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MahaRERA is constantly in touch with the concerned collector offices to collect the warrants issued by MahaRERA for compensation to the customers. Due to the pursuit of MahaRERA , the processes of auctions have been started by confiscating the properties of the concerned developers in many places.

In some other places developers are coming forward to pay these compensation amounts or settle the issue of compensation by compromising with the concerned consumers to avoid forfeiture of their income. In this manner, Rs 4.71 Crore have been recovered out of the amount ordered by MahaRERA for compensation to 8 out of 11 consumers in Nagpur.

Nagpur City Tehsildar Office has begun the process of sealing the bank account of Hagwood Commercial Developers Pvt. Ltd. for recovery of the amount. As a result, this amount has been recovered. MahaRERA has so far issued 1,053 warrants for recovery of damages amounting to Rs 627.70 crore.

Out of these, MahaRERA has so far been able to recover an amount of Rs 133.56 crore against 190 warrants. MahaRERA is continuously trying to recover the remaining amount. In this, 18 consumers from 6 projects in Nagpur area were expected to get compensation of Rs. 10.03 crores. Out of which compensation of Rs. 4.71 crores has been recovered, making it easier for the affected customers to get compensation.

MahaRERA is trying its best to ensure effective implementation of orders passed by MahaRERA regarding payment of interest/damages/refunds by holding hearings from time to time. Also MahaRERA is committed to further strengthen and empower this particular regulatory mechanism.

Also Read: Indian real estate poised for growth with potential access to untappeddomestic institutional capital

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