MahaRERA issues recovery warrants

MahaRERA issues recovery warrants
12/06/2018 , by , in News/Views

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has in the last two months issued recovery warrants against developers who failed to comply with its orders to refund home buyers under Section 40(1) of Real Estate (Regulation and Development) Act.

Under section 18 of the Maharashtra Land Revenue Code (MLRC), revenue officers like tehsildar have powers to carry out searches, freeze bank accounts, seize a property and put it on the auction block.

Similar recovery warrants were issued against Pune-based developer Sigma One Shilp Ventures after they failed to comply with the refund orders dated January 3, 2018 in favour of six home buyers – Shailesh Pardikar (Rs 62 lakh), Parag and Sonam Jain (Rs 53 lakh each), Gaurav Joshi (Rs 36.36 lakh). Jitendra and Nilima Chaudhari (Rs 67 lakh) and Prashant Karodpati (Rs 64 lakh) in connection with La Cabana project in Pune’s Sus. During the hearings, Sigma One Shilp Ventures had pleaded not guilty of delayed possession and argued that the project was delayed due to reasons beyond their control. A recovery warrant was also issued against Pune-based Darode Jog Homes Pvt Ltd.

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