The recovery warrant orders have been issued on the developers for the unpaid amount (interest, compensation, penalty) that has to given to the home buyers. Around 285 pending recovery warrant orders issued on developers for incomplete projects and MahaRERA (Maharashtra Real Estate Regulatory Authority) are trying to help them out by starting at least 50% of buyers to provide the deal of completion of all projects under another set of new developers.
The section 40 of the RERA Act clearly states that the issued recovery warrant should be implemented on the developers to pay the unpaid amount under the supervision of adjudication officers. Further, the case has been carried forward to the collectors for properties attachment and then the recovered amount has to be paid to the victim buyers.
After this rule, MahaRERA decided that they will look after the stressed or incomplete projects to recover those under the section of 4 and 8 of RERA. If the act can find any disputes regarding the project they can officially cancel the registration and not to progress the remaining constructions.
VasantPrabhu, secretary of MahaRERA states that the recovery warrants have been issued on many projects but not properly executed by the revenue authorities for some reason. Only one case has been sorted out through reimbursement by others and is stuck on several grounds of execution. MahaRERA comes up with all the ideas to help and complete the project where complaints come up regarding the problem of non-execution. Kalyan and Palghar are the two projects where the act has implemented the recovery warrant orders issued but the buyers have not received the money yet as there are no attachments with the properties.
“This act and the regulation of MahaRERA will help the buyers to get their money back and the developers also from now onwards will emphasize to complete the projects with proper funding.
By LNN (Liyaans News Network)