India, Oct. 15 -- The Maharashtra Real Estate Regulatory Authority (MahaRERA) on October 15 said it has recovered Rs.369.45 crore in compensation for homebuyers across 273 real estate projects, against which 516 recovery warrants worth Rs.1,037 crore were issued to the developers in the last 9 years. Mumbai real estate market accounted for the highest recovery of dues, the authority said.

According to MahaRERA, its compensation recovery rate stands at 45%, which places it first among RERA authorities in India in terms of compensation recovered for homebuyers.

MahaRERA issues recovery orders against real estate developers in case of default in handing over possession of property to homebuyers. The execution of recovery warrants must be c...