HRERA allots Recovery certificates for Homebuyers to reclaim Dues worth Rs.225 crore

The Haryana Real Estate Regulatory Authority (HRera) has issued 1,190 recovery certificates to reclaim Rs. 1,043 crore which is owed to homebuyers by defaulting builders. However, in spite of these efforts, only Rs. 225 crore has been recovered so far while covering just 261 cases.

A significant of Rs.800 crore is yet to recover. H-Rera sets up following the Real Estate (Regulation and Development) Act of 2016 to protect the interests of the homebuyers and to ensure that accountability in the real estate sector. However, the authority faces substantial challenges in enforcing its recovery dues.

Out of the total amount, Rs. 148 crore has been recovered through the initial 170 recovery certificates. The appointment of an adjudicating officer has boosted the recovery efforts slightly which leads to an additional Rs. 49 crore being recovered from 91 more cases.Mostly pending recoveries involves the high-profile builders, many of whom operates in Gurgaon. Despite of all the legal orders, these builders continue to resist, leaving numerous homebuyers in financial oblivion. The stalled projects and unfulfilled promises led to growing frustration among the investors.

Deepak Dinesh, a homebuyer who invested in a residential project which cover 10 years ago, expresses his frustration, says that, “I put my faith in this project and waited patiently for a decade, but I have neither received the flat nor refund. We are being dragged through a lengthy process without nay tangible results”.Shweta Kapoor, another homebuyers says that, “We are helpless. It feels like we are stuck in an endless loop of court orders and legal notices, but there is no actual resolution. I’ve lost hope of ever getting my flat or my money back".