MahaRERA received bid of Rs 4.82 crore, for Panvel auction the reserve price was Rs 3.72 crore.
This will send out a message to all the erring developers who take homebuyers for granted, MahaRERA has managed to carry out an auction of a property belonging to the developer who has erred in his commitments towards homebuyers.
Certain properties of developer NK Bhupeshbabu in Morbi under Panvel tehsil office were auctioned at the Morbi Gram Panchayat office recently. The successful bidder won the auction of these properties by bidding Rs 4.82 crore over and above the stipulated Rs 3.72 crore. After the auction, as per the conditions, this bidder has deposited 25 percent amount in Panvel Tehsil Office. This is the first case in the state that compensation money has been successfully raised through auction.
MahaRERA’s persistent pursuit is the first truly major success. Moreover, due to this continuous follow-up, there is a possibility of confiscating property and alternatively auctioning in some other places in the state in the coming time.
The auction was expected to fetch around Rs 3.72 crores, but bids of Rs 4.82 crores were received and the auction was successful. Due to this, more than the expected amount has been recovered from this auction.
MahaRERA has issued warrants worth Rs 22.2 crore in 99 cases for delay and similar matters in 38 projects in Raigad district. Rs 6.50 crore is expected to be recovered from NK Bhupeshbabu, a developer in Panvel Tehsil Office area, against 33 warrants.
As per the legal provision regarding distribution from the amount recovered in this auction, the amount will be distributed through the local revenue system to the complainants in this project as per the compensation approved by MahaRERA
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