UP Government Cracks Down on Builders in Noida-Greater Noida: Attaches Property worth over Rupees 500 crore

UP Rera 1

Noida/ Greater Noida: Coming  down hard on builders defaulting on pending dues, the incumbent Yogi Adityanath led government attached poperty worth over Rs 500 crore in Noida-Greater Noida, on Wednesday. The properties belinged to 32 builders and included 162 flats, six plots, five shops, and 28 villas. The  assets of the builders are mainly in the Dadri and Sadar tehsil areas of the district spread across Noida and Greater Noida.

The official order to this was issued by the Additional District Magistrate (Finance and Revenue) Vandita Shrivastava of the Gautam Buddh Nagar Administration. The seized  properties would be put on e-auction to recover the money due  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)," ADM Vandana Shrivastava was quoted as saying by news agencies.

Offocoal sources said that this is part of an ongoing drive and properties of 50 other builders will also be attached in the coming  days.

UP Government Cracks Down on Builders in Noida

The builders that have been attached include Space, Caltech, Rudra, Buland, Morpheus, Mascot, Supertech, Logix, Sunward, Habitech, Gayatri, Newtech, Ajnara, Radicon, Diligent, Super City, Cosmos, Unibera, Investors, RG, Jaguar, Sikka, Jai Dev, Vocational Education Foundation, Properties of Mist Direct, Grand Venizia, Ultimate Infovision, Green View II, Green Way Infrastructure, among others.

The developers  had promised possession of the flats, villas, and shops to the buyers within a time span of two to three years, following which, thousands of buyers invested their lifes savings for the projects. However, while some builders did not start working on the project, others left midway. While the buyers an from pillar to post some builders started  working on new projects with the money they had collected from the buyers. Despite several notices to the builders, the builders did not ensure compliance. After the government took a tough stand, the administration acted swiftly.

UP-RERA will use part of the auction proceedings to refund buyers. “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 the buyers seeking refund.” district magistrate of Gautam Budh Nagar, Suhas LY said.

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