After builders defaulted refund notices were issued by the state’s Rera authority. The Noida administration has sealed 32 projects of builders worth Rs 344 crore in the city.
It is expected that these properties will be put for auction and the amount will be handed over to the state’s Real Estate Regulation and Development Act (RERA) authority. The 32 properties include many prominent developers projects, such as Ajnara, Sikka Group, Rudra Buildwell, Supertech, and Antriksh.
Gautam Buddh Nagar, District Magistrate, Suhas LY told the publication said, “We will auction these properties online through a government-approved platform. The collected funds will be handed over to UP Rera which can then pay off buyers seeking a refund.”
In addition to this, the UP Rera secretary, Rajesh Kumar Tyagi, said that recovery notices were sent to the district administration. He further added to his statement that defaulters do not have the funds to pay directly. Since they are cash-strapped, the builders have pledged their properties as collateral. He additionally said that these properties would be auctioned for recovery.
It has come to see that few builders have handed over some flats, while some have given away entire towers, depending on the amount they owed.