According to an official release, the MahaRera (Maharashtra Realty Regulatory Authority) has recruited a retired deputy district collector to follow up in cases where unpaid debts have been outstanding.
According to the organisation, it has filed 733 warrants in the previous five years asking developers to pay Rs 729.68 crore as compensation to house buyers who contacted MahaRera after developers broke their promises.
To make sure that the deceived home buyers receive the compensations granted by the regulator during the past few years, it wrote to 13 district collectors, according to the statement.
Mumbai city, Mumbai suburbs, Pune, Thane, Raigad, Aurangabad, Palghar, Nagpur, Chandrapur, Nashik, Satara, Sindhudurg, and Ratnagiri are among the 13 areas for which MahaRera has received a request, according to the statement.
According to the report, compensation has been given for mistakes such as failure to deliver possession by the due date, quitting a project in the middle, or using subpar construction materials.
In addition to the state of Maharashtra, Dadra & Nagar Haveli, Daman and Diu are union territories that are covered by MahaRERA.
Prior to the RERA Act, the real estate industry lacked transparency, and buyers were at the whim of developers in terms of getting their hands on the property they had paid for.
Buyers increased confidence in the real estate industry is possibly the biggest advantage of the RERA act. Also, the buyer has the right to inquire about each development and promotion process.
As a result, the industry has been revitalised, and homebuyers now have more trust in the market.
