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Pune, Maharashtra real estate regulator authority (Maharera) has finally started monitoring the execution of recovery warrant orders issued against defaulting developers.
This comes in the wake of several complaints from consumers relating to slow execution of recovery warrant orders. A MahaRERA official said on Wednesday that the initiative would begin with 27 pending recovery warrant orders from Raigarh worth Rs 6.77 crore. The orders will be implemented on Friday through auction of properties by the Panvel tehsil office to compensate the homebuyers.
MahaRERA has set up a dedicated system to monitor recovery warrant orders pending with 13 District Collectors including Pune. The official said a “focused approach” would be adopted to ensure speedy execution of recovery warrant orders in all districts.
“Out of 74 recovery warrants issued by MahaRERA in Raigad, 27 will be executed by officials of the collectorate. After Raigad, the system will be implemented in all districts,” the official said.
Data available on the MahaRERA website shows that till December last year, 884 recovery warrants have been issued against 351 projects from 13 districts for a recovery amount of Rs 543.84 crore. Maximum recovery and listed projects are from Pune, Mumbai, Thane, and the Raigarh Collectorate (see graphic). Collectorate officials in Pune and Mumbai said that though they had started implementing recovery orders, there was hardly any action in the last two years due to Covid.
Recovery warrants are issued under section 40(1) of the Real Estate (Regulation and Development) Act against defaulting developers under the Real Estate (Regulation and Development) Act. Warrants are sent to collectors for attachment of properties and recovery of dues.
The decision of MahaRERA to monitor the execution of recovery warrant orders has come as a relief to many aggrieved home buyers. A senior citizen of Pune, who has been waiting for nearly three years for the execution of a recovery warrant order of over Rs 50 lakh issued in his favour, said. “If the officials monitor the execution process, it will help a lot. We are tired of going round the collector’s office.”
Maharashtra Society Welfare Association president Ramesh Prabhu said that collectors will have to initiate the process, forward the orders of recovery warrants to tehsildars and ensure their execution at the earliest.
“If MahaRERA initiates the process to monitor the execution of the orders, it will help many aggrieved home buyers to get their amount back,” he added.
The Bombay High Court recently issued a contempt notice against the officials of the Mumbai Suburban District Administration for not complying with its earlier orders to execute recovery warrants against the promoters for a project in Malad (West) .
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