You can breathe a sigh of relief if you are the person who has been waiting for builders to compensate you in accordance with MahaRERA. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has requested that compensation payments of Rs. 730 crore be made to homebuyers as soon as possible. To learn the specifics of the order, keep reading.

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Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a crucial ruling directing district collectors of the State’s 13 districts to implement its orders requiring compensation for homebuyers. To be given to homebuyers by trustworthy builders is a sum of Rs 730 crore. These fines are impose on contractors who failed to complete projects on time. Stopped working on them in the middle, or utilised subpar building materials.

Charges for instances that have been pending for more than five years

According to the Authority, 733 warrants had been issue to various developers over the previous five years. These warrants were issue in situations when homebuyers had come to it seeking compensation for poor service or broken promises. The Authority has given the buyers a monetary relief of more than Rs 729.68 crore after reviewing these complaint cases.

Actions conducted in response to order violations

The RERA Authority has now assigned a retired additional district collector to monitor & follow up on situations where dues have not been paid in order to implement its orders for compensation payments. In order to guarantee that the compensation incentives are provided to affected parties on schedule. It has also written to the district magistrates.

Aurangabad, Thane, Satara, Sindhudurg, Chandrapur, Mumbai city, Pune, Mumbai suburbs, Palghar, Nashik, Raigarh, Nagpur, and Ratnagiri are among the districts to which the MahaRERA has written for the implementation of compensation prizes.

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