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Noida: Real Estate Developer, Wave Mega City Center Pvt Ltd, is set to lose 38 shops in a commercial project in Sector 18.
The district administration had recently ordered their auction for non-payment. UP-RERA Recovery Certificate (RC) of Rs 136 crore is outstanding.
Officials said that despite several notices, the developer has failed to pay the dues, which has led to the auction.
The shops in Wave First Silver Tower were earlier attached by the administration. These shops range from 165 to 1,240 square meters and have a reserve price of Rs 48 lakh to Rs 2.7 crore.
As per the auction rules, the highest bidder will be declared as the buyer and 25% of the bid amount will be deposited immediately through Bank Draft. Failing to do so the property will be re-sold.
As per the notice issued by Dadri Tehsil listing the properties, the proceeds from the auction will be used to pay for the property. UP-RERA RC issued against defaulter builder
Of late, the district administration has been taking strict action against developers who have defaulted in paying dues to allottees.
Recently, it launched a drive against 101 developers to collect Rs 503 crore against 1,705 RCs.
The teams organized ‘munadi’ (beating drums) outside the offices of the developers to collect the dues.
In another instance, the district administration on Monday summoned Supertech chairman RK Arora to SDM Dadri’s office for non-payment of dues of Rs 26 crore against 52 RCs issued by UP-RERA for a Supertech project in the Yamuna Authority area. .
Officials said Arora has received instructions to clear the dues within the next 10 days.
The district administration has also sealed the offices of many developers as part of the ongoing action.
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