136cr Dues Not Paid, 38 Wave City Shops To Be Auctioned, Real Estate News, ET RealEstate

June 23, 2023

NOIDA: The real estate developer, Wave Mega City Centre Private Limited, is set to lose 38 shops in a commercial project in Sector 18.

The district administration recently ordered their auction over the non-payment of UP-Rera recovery certificates (RC) dues worth Rs 136 crore.

Officials said that despite multiple notices, the developer has failed to pay the dues, leading to the auction.

The shops in Wave 1st Silver Tower were attached earlier by the administration. These shops range from 165 to 1,240 square metres and have reserved prices between Rs 48 lakh and Rs 2.7 crore.

According to the auction rules, the highest bidder will be declared the buyer and immediately deposit 25% of the bid amount through a bank draft. Failure to do so will result in the property being re-sold.

According to a notice issued by the Dadri tehsil, listing the properties, the amount from the auction will go towards paying for the UP-Rera RCs issued against the defaulter builder.

Of late, the district administration has been taking strict action against developers who have defaulted on clearing dues to allottees.

Recently, it launched a drive against 101 developers to collect Rs 503 crore against 1,705 RCs.

Teams conducted ‘munadi’ (drum-beating) outside the developers’ offices to recover the dues.

In another instance, the district administration called Supertech chairman R K Arora to the SDM Dadri’s office on Monday over the non-payment of dues worth Rs 26 crore against 52 RCs issued by UP-Rera for a Supertech project in the Yamuna Authority area.

Officials said that Arora has received instructions to clear the dues within the next 10 days.

The district administration has also sealed the offices of several developers as part of ongoing action.

  • Published On May 12, 2023 at 01:00 PM IST

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