The district magistrate of Gautam Budh Nagar, Uttar Pradesh Real Estate Regulatory Authority or UPRERA, is set to conduct an e-auction of properties worth nearly Rs 350 crore. The e-auction will be conducted on properties of as many as 40 defaulting real estate builders in the area, an official said. The instruction to conduct the e-auction was given to Noida, Greater Noida and Yamuna Development Authority by the Gautam Budh Nagar district administration.
On Monday too, the district administration sealed the office of realty firm Radicon Vedantam for failing to pay Rs 4 crore to homebuyers even after receiving repeated notices regarding the same.
“Today (Monday), we have sealed the office of Radicon Vedantam as it is has defaulted payment of Rs 4 crore. We will seal the offices of other realty firms tomorrow (Tuesday) if they do not clear the payments of the homebuyers,” said Dadri tehsildar Vijay Prakash Mishra, as per a report by Hindustan Times.
In total, the three authorities will conduct the e-auction of the properties worth Rs 350 crore in their respective areas to recover their dues, as per reports. The authorities will seize properties including shops, flats, plots and office spaces.
“Our process of issuing recovery notices and sealing offices or other properties will continue. We do not seal the property if the developer is willing to pay the dues. We have decided to e-auction properties worth Rs 350 crore of the developers, who have not cleared dues despite being served repeated notices. We are taking the help of the Noida authority in this matter,” said Vandita Srivastava, additional district magistrate, as per the Hindustan Times report.
District Magistrate Suhas LY said that the government has sent more instructions to the administration after the cabinet approved of the e-auction of the properties.
The e-auction of the properties may also come as a good news to the common man. Generally, during the auction, the government sells properties to other homebuyers. These properties are generally sold off at a cheaper rate to the homebuyers at the auctions. This means that you can get houses at a discounted rate when the government sells these properties. In the past, the government had in vain tried to sell these properties as there were limited number of buyers.
“We had a meeting with the administration officials on e-auctioning of properties. The e-auctioning will be carried out once the administration provides us the exact details of all properties, their rates and other required documents,” Hindustan Times quoted Avinash Tripathi, officer on special duty of the Noida authority, as saying.
According to Zee News, the biggest defaulter among these realty developers is Supertech, who is under the Supreme Court’s ire for the Emerald twin tower case. The administration is hoping to get decent revenue from the e-auction this time.
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