The developer was the subject of recovery certifications from the Uttar Pradesh Real Estate Regulatory Authority due to unpaid debts of Rs. 136 crore.
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Due to the non-payment of dues totaling Rs 136 crore on May 29, the Gautam Budh Nagar district administration decided to auction off the associated flats and shops in the Wave Mega City project.
They claimed that these properties were attached as a result of recovery certificates (RCs) being issued against the developer by the Uttar Pradesh Real Estate Regulatory Authority (UPRERA). Despite receiving multiple notifications, the developer has not paid its debts.
On May 29, there will be an auction for up to 38 stores in Noida Sector 18’s Wave Silver Tower. The official explained, seeking anonymity, that the measure is a part of the district administration’s campaign against defaulting builders.
The size of the shops that will be put up for auction ranges from 165 square feet to 1,240 square feet. Depending on the size and other parameters, the reserve price for these properties is set between Rs 50 lakh and Rs 2.6 crore, according to officials.
At the time of publication, emails submitted to the corporation seeking comment had not been received. After getting a response from the company, the copy will be updated.
Following the auction, the winning bidder for each shop will be required to pay 25% of the total cost. The money obtained through the auction will be used to pay the RCs issued by the UPRERA to the defaulter.
According to a representative, if other builders who have RCs against them because of unpaid debts fail to pay those debts, their associated properties will also be put up for auction.
Following petitions from investors and purchasers who requested their money back from developers that failed to build housing projects, the UPRERA issued the RCs.
After the regulatory authority issued RCs against over 100 builders who collectively owed Rs 502 crore, the district administration started collection action against defaulting developers over unpaid dues.
The district government organized 40 teams of clerks and tehsildars to identify the properties of defaulter builders and launch recovery action on April 7. This activity included “naming and shaming” defaulters and sealing their offices and properties.
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