Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has urged the Mumbai Suburban District Collector to take immediate action against developers who have failed to refund homebuyers' dues despite regulatory orders. In a letter addressed to Collector Rajendra Kshirsagar, MahaRERA highlighted a list of six defaulting developers collectively responsible for dues amounting to Rs 249 crore.
The authority emphasized that numerous homebuyers, having invested their life savings and taken bank loans, are yet to receive refunds ordered in their favor. While MahaRERA has ruled against developers in these disputes, enforcement remains a challenge. The letter stresses the need for swift legal action to ensure homebuyers receive justice.
Developers with Pending Dues:
1. JVP Developers Properties Pvt. Ltd. – Rs 93 crore
2. Vidhi Realtors / Vijaykamal Properties Pvt. Ltd. / Monarch & Qureshi Builders – Rs 16 crore
3. Nirmal Developers – Rs 47.66 crore
4. Neptune Venture & Developers Pvt. Ltd. – Rs 25.54 crore
5. SSV Developers & Builders (Proprietor: Hemant Parikh) – Rs 50.34 crore
6. Rajesh Real Estate Developers Pvt. Ltd. – Rs 16.78 crore
The Rs 249 crore owed by these developers accounts for 72% of the total pending recoveries in the district. MahaRERA has also requested monthly progress reports on recovery efforts, complete with complaint numbers and status updates.
According to MahaRERA, there are 540 registered complaints in Mumbai suburbs, with a total disputed amount of Rs 344.30 crore. However, legal proceedings and delays have hindered progress, with only 144 cases seeing partial resolution.
The regulatory body has reiterated that enforcement agencies must act decisively against developers to protect homebuyers' rights and uphold the credibility of the real estate sector. MahaRERA has further directed district officials to ensure regular updates on recovery progress.
As homebuyers continue to struggle for refunds despite legal rulings in their favor, authorities face growing pressure to tighten enforcement and ensure financial accountability in the real estate sector.