Noida: Administration Noida has sealed property worth RS 344 Crore in 32 Builder projects.
This property will now be placed under the hammer and the money obtained from it will be submitted to UP-Rera.
The regulatory authority will, in turn, use the amount to restore the buyer.
Some developers whose property properties are sealed on Wednesday are Sikka Group, Ajnara, Supertech, Rudra Buildwell and Antriksh.
Up-Rera has issued a recovery notice of these traits.
This money will be used to restore buyers in cases where Rera has issued a refund order and they have not been respected by the default builder.
“We will auction this property online through the government approved platform.
The funds collected will be submitted to the rera which can then pay off the buyers who are looking for refunds.
The total assessment of the property confiscated is RS 344.23 Crore.
We have sealed the property at 32 Builder Project, “Gautam District Judge Budd Nagar, said Suhas Ly.
“Recovery notice is sent to the district administration.
If defraugter has funds, they will pay it directly.
But because they lack money, builders have promised their property as a guarantee.
Now it will be auctioned for recovery.
Once we get funds, we will facilitate a refund, “Rajesh Kumar Tyagi said, Secretary of Rera.
“Some builders submit a number of flats, while others are given all towers, depending on how much they owe in terms of refunds.
The administration will now help liquidate this so we can run a refund.
The whole process will take several months,” said the Rera Balvinder Kumar.