Flats, Villas Of Real Estate Developers Attached By Noida Administration To Recover Dues Worth Rs. 344 Crore

The Gautam Buddh Nagar administration on June 30 attached flats, villas and land plots worth Rs 344.23 crore of real estate developers following non-payment of dues by 32 realtors, an official order, a copy of which is with Moneycontrol, said.

The properties would be e-auctioned soon to recover the amount the developers owe to the government, said the order issued by Additional District Magistrate (Finance and Revenue) Vandita Shrivastava.

As many as 162 flats, six land plots, five commercial spaces and 28 villas have been attached by the district administration.

“The estimated value of these properties is 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,” the order said.

These immovable assets belonging to 32 builders are located in Dadri and Sadar tehsil areas of the district spread across Noida and Greater Noida.

These include two flats of Antriksh Engineers & Builders Pvt Ltd, seven flats of Keltech Infrastructure Ltd, six flats of Rudra Buildwell Homes, nine flats of Bulland Buildtech Pvt Ltd, six flats of Morpheus Developers, seven flats of Mascot Homes Pvt Limited, 28 villas of Supertech Ltd, 11 flats of Logix City Developers, nine flats of Sunworld Residency, 23 flats of Gayatri Hospitality and Realcon Ltd, 47 flats of Cosmos Infra Estate Pvt Ltd, Grand Venezia Commercial Tower in Sadar, Green View 2 Sahkari Awaas Samiti Ltd among others, according to the order.

“These properties have been attached over non-payment by these builders despite recovery certificates being issued by the Uttar Pradesh Real Estate Regulatory Authority (RERA),” the order issued by Shrivastava said.

According to Balwinder Kumar, member, UPRERA, the Authority has issued several refund orders and almost half of them have not been complied with.

“This was despite having issued show cause notices to builders,” he told Moneycontrol.

Recovery certificates worth over Rs 1,000 crore have been issued to builders across the state by the district magistrates.

“Following non-compliance of orders by developers, it was proposed that the district magistrate’s office attach the unsold/unencumbered inventory of these real estate developers and auction it. This was decided at a meeting we held with the DM just about a week ago,” he said.

“This order is a consequence of that meeting. The DM has now initiated the process of auctioning those properties in the open market in order to realise the amount due from builders and refund the homebuyers,” he added.

(Source: Moneycontrol)