3 days ago
Govt tries to auction flats to recover dues, gets no takers
Noida: Four flats of Newtech Promoters and Developers up on auction to recover dues failed to attract any buyers.
The auction was conducted last week by Sadar tehsil as part of recovery proceedings after the builder defaulted on payments worth Rs 5.7 crore.
The flats were part of the La Galaxia project in Greater Noida.
Despite prior announcements and notices, officials said no one turned up to bid for the flats on June 4, leading to the cancellation of the auction.
"The builder was served repeated notices but failed to deposit the dues. As part of the recovery process, four unsold flats were confiscated and put up for auction. The administration advertised about the auction but there was no response," said Charul Yadav, sub-divisional magistrate, Sadar tehsil.
As per UP-Rera officials, a recovery certificate (RC) was issued to the developer in 2020. Since then, the builder failed to pay dues, following which the decision was taken to seize the four flats and auction the property.
Officials said that the auction process will be initiated again soon, and efforts will continue to ensure recovery. "We will have to scheduleanother auction of the property again," Yadav told TOI.
by Taboola
by Taboola
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In May, the district administration had sealed the offices of 12 developers in Dadri for failing to clear more than Rs 175 crore in dues to the real estate regulator.
Recovery certificates are issued by UP RERA if a developer fails to comply with an order passed by the regulatory authority — usually to refund buyers, pay penalties, or fulfil obligations like handing over possession. Once an RC is issued, it enables the district administration to recover the amount as arrears of land revenue, much like a tax recovery process.
