UP RERA takes stern action aginst defaulter developers, to auction properties of Wave Mega City Center builder

Noida: Miffed by the evasive angle of Noida builders, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has introduced the auction of the properties of defaulter builders. Under this, the district administration will auction as many as 111 connected flats and retailers of the Wave Mega City Center builder.

The administration has connected these properties of the builder for not giving the Recovery Certificate (RC) cash of the UP RERA. In the primary part, 38 flats and retailers are possible to be auctioned on May 29. According to experiences, the auction will likely be performed like a standard auction and it’ll not be e-auctioned. The builder allegedly owes Rs 123.55 crore in the direction of RC of UP RERA. 

Defaulters’ properties to be auctioned

At the identical time, the administration can also be making ready to auction the properties of many different builders. Deputy District Magistrate Dadri Alok Gupta mentioned that final month the district administration had began a marketing campaign to get well Rs 503 crore of RC of UP RERA from 101 builders.

The district administration additional mentioned that it has began a serious action towards Wave Mega City Center Private Limited. The builder in Dadri tehsil owes Rs 123.55 crore in the direction of RC of UP RERA. The builder isn’t depositing the cash even after repeated notices. To get well the RC cash, the administration has connected 111 properties of the builder.

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Money to be returned to patrons

Now the administration has determined to auction the connected property. It knowledgeable that 38 properties could be auctioned within the first part. The worth of these 38 properties is round Rs 40 crore. If the auction is profitable, the administration will get an enormous quantity. From that quantity the cash of the patrons will likely be returned, the administration mentioned. The remaining 73 properties of the builder are being evaluated by the sub-registrar. Those properties may also be auctioned after the valuation is completed, it added. 

It additional knowledgeable that the connected properties of many different builders would even be auctioned. Those properties are additionally being appraised and after the analysis, the date of the auction will likely be introduced within the subsequent week, the district administration added. 

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