Pune Builder’s Property To Be Auctioned Off To Recover Unpaid Compensation

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Mubarak Ansari

Pune, 4th May 2023: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced an auction in Pune to recover warrants issued to a developer for not paying compensation to a customer.

The M/s Modular Construction of Shivajinagar area was ordered to pay Rs 49 lakh 8 thousand 376 as compensation for delayed possession, but failed to do so. The Pune city tehsildar has taken appropriate action by announcing the auction of 83.28 square meters of this developer’s Vishnu Prasad apartment to recover the amount owed. The auction will be held at the Tehsildar office on May 10 at 11 am, and the property proposed for auction is valued at Rs 1 crore 63 lakh 45 thousand 41. If the developer wants to stop the auction, they will have to pay the warrant and advertisement amount before May 5.

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The MahaRERA has issued 227 warrants in response to various complaints in Pune area, with a total amount of Rs 170.37 crores. So far, Rs 32.92 crores have been recovered in 39 cases.

The MahaRERA receives complaints from homebuyers regarding non-handover of possession on time, partial abandonment of projects, and non-maintenance of prescribed quality, among other issues. The respective developers are ordered to pay interest/damage compensation/refunds, etc. within the prescribed time frame. If the developer fails to pay the amount within the given period, the Collector’s office plays an important role in recovering the amount owed. However, if the developer fails to pay within the given time, MahaRERA sends warrants to the concerned Collectors to recover the amount owed.

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