MahaRERA recovers Rs 9.65 crore of Rs 11.05 crore dues in seven Nagpur division projects

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered Rs 9.65 crore of the outstanding compensation in seven projects in the Nagpur division. Compensation totalling Rs 11.05 crore was due in these projects. The dues in cases covered by 19 recovery warrants have thus been cleared.

The recovery action in the Nagpur division was carried out through 19 warrants in seven projects. Of the Rs 11.05 crore outstanding, the authority recovered Rs 9.65 crore. No dues remain in the specific cases covered by this drive.

Across Maharashtra, MahaRERA has recovered about Rs 369.45 crore in compensation for homebuyers, a recovery rate of about 45 per cent. The authority claims it ranks first among the real estate regulatory authorities in the country in recovery of compensation.

MahaRERA was established in May 2017. Since then, the authority has issued recovery orders worth Rs 1,037.86 crore in 1,531 complaints. About Rs 370 crore of this amount has been recovered so far.

About Rs 260 crore was recovered between 2017 and December last year. A further Rs 110 crore has been recovered in the current year, bringing relief to affected homebuyers.

However, legal restrictions remain on about Rs 209 crore in MahaRERA's overall recovery process. Of this, cases worth about Rs 104.70 crore are pending before the National Company Law Tribunal (NCLT), while cases worth about Rs 104.46 crore are pending under the Maharashtra Protection of Interest of Depositors (MPID) Act.

The figures show how many difficulties are faced in enforcing compensation orders and how necessary sustained action is to get homebuyers their money.

While dues have been cleared in the selected cases in the Nagpur division, a large part of recoveries across the state remains stuck in legal proceedings.