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Navi Mumbai: The Panvel Tehsil office has auctioned the properties of Navi Mumbai developer NK Bhupeshbabu In Morbi The Gram Panchayat has been successful in recovering another Rs 4.82 crore. This is above the price of Rs 3.72 crore fixed for the auctioned properties.
Maharera 33 warrants were issued to recover a total of Rs 6.5 crore from the developer. NK Bhupeshbabu, According to Maharera The reserve price for the properties of Adhikari, developer Bhupeshbabu, was fixed at Rs 3.72 crore. However, the bidder who won the auction bid Rs 4.82 crore.
Bidder has deposited 25% amount Panvel Tehsil Office. MahaRERA has been issuing recovery warrants in various cases where the developer refuses to comply with the order of the regulatory authority.
However, home buyers complain that the revenue officials are not serious about the revenue collection process. This has resulted in distress for home buyers. However, MahaRERA has started pursuing the offices of District Collectors and Revenue Officers to complete the recovery process in respect of warrants issued to each Collectorate.
Hearing various complaints, MahaRERA has issued 99 warrants amounting to Rs 22.2 crore to the Raigarh District Collectorate. These cases pertain to 38 projects in the district. Out of 99 warrants, 33 warrants are against NK Bhupeshbabu, promoter of NK Garden, for recovery of Rs 6.50 crore.
Prior to the auction process, the Panvel tehsil office had attached various properties of the developer. The amount recovered from the auction will be distributed by the Revenue Officer to the complainants as per the compensation sanctioned by MahaRERA.
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