UP government seizes properties worth Rs 344 crore of 32 builders in Noida, Greater Noida
New Delhi | Jagran News Desk: The Gautam Budhha Nagar administration, in an official order on Wednesday (May 30), attached plots, villas, and flats worth Rs 344.23 crore over the non-payment of dues by 32 real estate developers. These include 162 flats, six plots, five shops, and 28 villas. Properties of 50 other builders will also be attached in the next few days.
The order was issued by the Additional District Magistrate (Finance and Revenue) Vandita Shrivastava. It stated that the properties would be soon put on e-auction to recover the money the developers owe to the government.
"These properties been attached over non-payment by these builders despite recovery certificates being issued by the Uttar Pradesh Real Estate Regulatory Authority (RERA)," Shrivastava was quoted as saying to news agency PTI.
The builders that have been attached include Space, Caltech, Rudra, Buland, Morpheus, Mascot, Supertech, Logix, Sunward, Habitech, Gayatri, Newtech, Ajnara, among many others.
They had promised to give possession of the flats, villas, and shops to the buyers within a time span of two to three years, following which, thousands of buyers paid for them by taking out life-long deposits or obtaining bank loans. However, some builders did not start working on the project, while others left midway. Now, while the buyers are fighting for their properties, the builders are working on new projects with the money they collected from them. Despite several notices to the builders, the builders did not complete the project. After the government took a tough stand, the administration became strict and confiscated the attached immovable properties of the builders.
"The estimated value of these properties has been put at Rs 344.23 crore. These immovable assets will be auctioned online through local industrial development authorities, for which permission has been sought from the state," Shrivastava further added.
Posted By: Sanyukta Baijal