Key Points
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has decided to make it mandatory for real estate developers to include their bank account details in the recovery warrants forwarded to the revenue department to enhance the efficiency of compensation recovery processes...
The move will help streamline identification and attachment of property developers' bank accounts by the revenue department, facilitating the retrieval of their owed compensation...
By mandating the disclosure of developers' bank account information, MahaRERA said it aims to bolster accountability and ensure timely restitution for affected parties within the real estate sector...
The move assumes significance in the backdrop of homebuyers across the country raising concerns regarding non-compliance or delay in enforcement of recovery orders issued by the authorities against defaulting developers...
MahaRERA has recovered over 125 crore from defaulting property developers as compensation for homebuyers in the last 14 months..
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