MahaRERA issues recovery warrants against 12 builders

Jan 03 2019

In a first, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued recovery warrants against 12 real estate developers. These warrants have been issued by the authority after the complainant home buyers approached MahaRERA on several occasions asking for execution of earlier orders against these builders directing refund of money.In the first instance of these warrants, the refund order was passed against Kambar Construction in November 2017. The amount is around Rs 37 lakh and an interest of 10.15% thereon.

Under the warrant, the district collector of Thane will attach the property and if the developer still does not pay the money then auction process will be initiated.

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