MahaRERA to Resolve Pending Recovery Cases in Three Months

MahaRERA to Resolve Pending Recovery Cases in Three Months

MahaRERA to Resolve Pending Recovery Cases in Three Months

Maharashtra's state revenue minister Chandrashekhar Bawankule announced that all pending Maharashtra Real Estate Regulatory Authority (MahaRERA) recovery warrant cases will be resolved within the next three months. This decision comes after it was revealed that, out of a total of 1,342 recovery warrant complaints, only 316 had been executed by the collectorates.

The latest data from MahaRERA shows that Mumbai suburban and Pune districts account for over 60% of the total outstanding recovery amount. Mumbai Suburban alone has 540 complaints amounting to Rs 424.79 crore, of which only Rs 80.49 crore has been recovered. Pune district follows with 274 complaints totalling Rs 219.71 crore. Authorities have managed to recover just Rs 42.31 crore from these cases, leaving a large balance still pending.

Bawankule emphasized the government's commitment to speeding up the process and ensuring justice for affected homebuyers. However, activists have expressed concerns, stating that while the minister's announcement is encouraging, a three-month deadline may not be realistic for cases that have been pending for years. Activist Ramesh Prabhu suggested that MahaRERA should have a more structured tracking system like UP RERA, which uses a portal to track recovery warrant orders. He called for the implementation of a Standard Operating Procedure (SOP) and phase-wise recovery execution, rather than vague political promises.

Additionally, MahaRERA has been facing delays in appointing officials to expedite the process. While retired tehsildars were suggested to help clear the backlog in Mumbai suburban and Pune, only one officer has been appointed for the suburban area, and no appointments have been made for Pune.

The MahaRERA recovery warrants are issued under Section 40(1) of the Real Estate (Regulation and Development) Act, requiring property attachments and dues recovery from errant developers. Despite significant challenges, efforts are being made to address the backlog, and MahaRERA officials are actively following up with the collectors to accelerate execution.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/