India, Nov. 22 -- The Maharashtra Real Estate Regulatory Authority (MahaRERA) announced on November 22 that it has formulated a Standard Operating Procedure (SOP) to expedite the recovery of compensation from developers in a time-bound manner for aggrieved homebuyers. The compensation is recovered from the developer due to various defaults.

This latest SOP is announced to ensure the strict implementation of the Bombay High Court's orders and also to provide relief to homebuyers. MahaRERA expects the homebuyers to be compensated within 60 days from the order's date, the MahaRERA statement said.

"Hereafter, for the first time, the case of any developer failing to pay the compensation amount despite sufficient opportunities will be sent to...