Four properties belonging to Newtech Promoters and Developers that were put up for auction to recover outstanding dues did not attract any bidders. The auction took place last week under the supervision of Sadar tehsil as part of the recovery efforts following the builder’s default on payments totaling Rs 5.7 crore.
These properties were included in the La Galaxia project located in Greater Noida. Despite prior announcements and notifications, officials reported that no individuals attended the bidding for the flats on June 4, resulting in the auction’s cancellation. “The builder received multiple notices but did not settle the outstanding dues.
As part of the recovery initiative, four unsold flats were seized and offered for auction. The administration promoted the auction, yet there was no interest,” stated Charul Yadav, sub-divisional magistrate of Sadar tehsil. According to UP-Rera officials, a recovery certificate (RC) was issued to the developer in 2020. Since that time, the builder has failed to remit the dues, prompting the decision to confiscate the four flats and auction the property.
Officials indicated that the auction process will be reinitiated shortly, and efforts will persist to ensure recovery. “We will need to arrange another auction of the property soon,” Yadav informed. In May, the district administration sealed the offices of 12 developers in Dadri for not clearing over Rs 175 crore in dues owed to the real estate regulator.
Recovery certificates are issued by UP RERA when a developer does not comply with an order from the regulatory authority — typically to refund buyers, pay fines, or meet obligations such as transferring possession. Once an RC is issued, it allows the district administration to recover the amount as arrears of land revenue, similar to a tax recovery process.