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The Maharashtra State Real Estate Regulatory Authority (MahaRERA) has collected Rs 8.73 crore from five developers in Mumbai, suburban Mumbai and Pune against the five warrants issued, the regulator said via a media release on Thursday, July 13.
Refund orders are issued by MahaRERA against developers at fault who are unable to complete their project. Collateral is sent to collectors for foreclosure of property and recovery of dues.
According to MahaRERA, it has collected ₹8.57 crore from 11 developers against 20 previous orders.
In addition, it issued a total of 1,015 orders worth Rs. 623.30 crore, with the authority collecting Rs. 131.32 crore from 180 warrants.
While in the Rs 8.73 crore recently raised, there were two developers from Mumbai – Samruddhi Developers paid compensation of Rs 6.46 crore to affected homebuyers and Wondervalue Developers paid Rs 6.26 crore in compensation. The developer from Pune – Darode Jog Homes Pvt Ltd has paid Rs 42.25 as compensation.
The money was raised without an estate auction.
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