Noida: Realty firm’s office sealed, e-auction to begin to recover dues

The district administration on Monday sealed the office of realty firm Radicon Vedantam in Greater Noida’s Sector 16 C for failing to pay 4 crore to homebuyers despite repeated notices
Several developers have failed to deliver their projects in the district, officials said. (HT archive)
Several developers have failed to deliver their projects in the district, officials said. (HT archive)
Published on Mar 15, 2022 11:11 AM IST
Copy Link

The district administration on Monday sealed the office of realty firm Radicon Vedantam in Greater Noida’s Sector 16 C for failing to pay 4 crore to homebuyers despite repeated notices. The administration is likely to seal offices of other realty firms on Tuesday for defaulting payment of homebuyers.

“Today (Monday), we have sealed the office of Radicon Vedantam as it is has defaulted payment of 4 crore. We will seal the offices of other realty firms tomorrow (Tuesday) if they do not clear the payments of the homebuyers,” said Vijay Prakash Mishra, tehsildar of Dadri.

Arpit Gautam, a promoter with Radicon Vedantam said, “We have come to know about the sealing and will do the needful to get the office de-sealed.”

The district administration is likely to start e-auction of properties of the different developers, who have failed to hand over possession of flats/apartments to homebuyers on time and defaulted their payments, despite being served repeated recovery notices.

Recently, the Uttar Pradesh government allowed the administration to e-auction the properties worth 350 crore, which have been seized from the developers of realty firms for failing to clear the dues of the homebuyers. These properties include shops, flats, plots and office spaces.

According to procedure, if the builder or allottee fails to pay the homebuyers despite repeated notices, the homebuyers approach the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) seeking refund from the developers. The UPRERA then asks the district administration to recover the dues to be paid to the homebuyers from the developers.

Subsequently, the administration first issues a notice or pins the notice to the property of the developer, giving him adequate time to file a reply. If the builder fails to submit a satisfactory reply, the administration begins the process of attaching the property, accounts and other assets, auctioning the same to recover the dues and also arrest the defaulting developer in some cases.

“Our process of issuing recovery notices and sealing offices or other properties will continue. We do not seal the property if the developer is willing to pay the dues. We have decided to e-auction properties worth 350 crore of the developers, who have not cleared dues despite being served repeated notices. We are taking the help of the Noida authority in this matter,” said Vandita Srivastava, additional district magistrate.

The administration is also discussing the e-auction of properties of the defaulting developers with the Noida authority. “We had a meeting with the administration officials on e-auctioning of properties. The e-auctioning will be carried out once the administration provides us the exact details of all properties, their rates and other required documents,” said Avinash Tripathi, officer on special duty of the Noida authority.

SHARE THIS ARTICLE ON
  • ABOUT THE AUTHOR

    Vinod Rajput writes on environment, infrastructure, real estate and government policies in Noida and Greater Noida. He has reported on environment and infrastructure in Delhi, Gurgaon and Panchkula in the past.

Close Story
QUICKREADS

Less time to read?

Try Quickreads

  • Farmers dumped meters removed from their tube-wells at the office of PVVNL MD in Meerut. (ht photo)

    West UP farmers protest installation of meters on tube wells

    Hundreds of farmers from different districts of the region gathered at the headquarters of Paschim Vidyut Vitran Nigam Ltd under the aegis of Bharatiya Kisan Union on Monday to oppose the installation of electric meters on tube wells. BKU's national president Naresh Tikait and national president of youth wing Gaurav Tikait joined the protesting farmers in the afternoon. Naresh Tikait said that farmers will not allow the installation of meters.

  • However, environmentalists said this approach sets a poor regulatory precedent, and that clearances for individual projects should be granted on a case-by-case basis (Praful Gangurde)

    MMRDA eyes ‘early afforestation’ to clear path for future projects

    Mumbai The Mumbai Metropolitan Development Authority has asked the Forest Development Corporation of Maharashtra to identify a suitable parcel of degraded forest land in the state for large-scale afforestation works, to be undertaken in anticipation of development projects in and around the Mumbai metropolitan region over the next three to four years.

  • The vehicle, headed to Mumbai, was used to supply drugs to nearly 20 groups in the city, claimed NCB officials. (HT Photo)

    NCB arrests two with 286kg of marijuana worth 3.5 crore

    Mumbai The Narcotics Control Bureau has busted an inter-state drug trafficking racket and arrested two of its members with high-grade 286 kg of marijuana, estimated to be worth around 3.5 crore. To bust the racket successfully, a NCB team strategically kept an eye on the vehicle carrying the contraband material for over 100km on the Solapur-Mumbai highway. Upon examination, the officials found 95 packets of marijuana covered with brown adhesive tapes concealed in the car.

  • Devotees throng Kedarnath shrine. (ANI video grab)

    Devotees throng Kedarnath shrine despite IMD's heavy rainfall warning | Video

    A large number of devotees arrived in Kedarnath in Uttarakhand on Monday despite the weather department's yellow alert warning forecasting heavy rainfall in the region. People flocked to the temple amid heavy rain lashing the hill state last night. A day ago, the Meteorological Department of Uttarakhand sounded a yellow alert in the state, stating heavy rainfall is likely till Wednesday.

  • Earlier, the Allahabad High court had not entertained the letter petition filed by a group of lawyers against the demolition of the house of the petitioner. (File Photo)

    HC adjourns hearing on plea of Prayagraj violence accused’s wife

    PRAYAGRAJ The Allahabad high court on Monday adjourned till June 28 (Tuesday) hearing on the petition filed by Parveen Fatima, wife of Javed Mohammad (main accused in June 10 violence in Prayagraj), challenging the demolition of her house on June 12. The bench comprising Justice Sunita Agarwal and Justice Vikram D Chauhan passed the order on the petition filed by Parveen Fatima and Sumaiya Fatima, wife and daughter of Javed Mohammed.

SHARE
Story Saved
×
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, June 27, 2022