Properties worth Rs 344.23 crore belonging to 32 real estate developers were seized by the Gautam Buddha Nagar administration over the non-payment of dues on Wednesday.
According to an official order, the seizure came after builders had failed to comply with the orders of the real estate regulatory authority (RERA) to submit the land dues.
The properties would soon be put on e-auction to recover the money the developers owe to the government, stated the order issued by Additional District Magistrate (Finance and Revenue) Vandita Shrivastava.
“Flats, villas and properties of 32 builders worth Rs 344.23 crores have been seized as they have failed to comply with the orders of RERA and didn’t pay their dues. The process of auctioning these properties will be initiated soon and the government has been requested to task the process to eligible authorities,” Suhas LY, District Magistrate, Gautam Budh Nagar, said in a statement.
According to the order, 162 flats, six land plots, five commercial spaces and 28 villas have been attached by the district administration.
Out of 32, 22 properties were seized from the Dadri area of Greater Noida where many defaulter builders have constructed their projects, especially in Greater Noida West.
“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),” Shrivastava said.
“These immovable assets will be auctioned online through local industrial development authorities, for which permission has been sought from the state,” she added.
