The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) on Wednesday ordered the Gautam Budh Nagar administration to e-auction assets worth ₹344 crore of 32 developers who had failed to refund people in violation of the authority’s directive.
The money from the auction would be used to repay those who did not get their flats several years after deadline.
This is not the first time that the UP-Rera has ordered such an action. Earlier, the district administration would attach and seal properties of defaulters but do not have the powers to auction them off.
“We have attached the flats, villas and plots following orders from the UP-Rera. We have written to the UP government for appropriate decision on e-auction because we do not have the authority,” said Suhas LY district magistrate Gautam Budh Nagar. “In many previous cases too (in which the district had attached assets of defaulters) we had written to the state government (to auction them off) but are yet to receive their decision.”
The assets, the district administration detailed, were 162 flats, six plots, five commercial spaces and 28 villas.
{{/usCountry}}The assets, the district administration detailed, were 162 flats, six plots, five commercial spaces and 28 villas.
{{/usCountry}}The UP RERA has also written to the UP government to expedite the process in this regard.
“We are regularly communicating this matter to the state government. And as per the recent communication a decision on paving the way for the e-auction is likely to happen soon. It will be a great help as we will be able to address homebuyers’ issues,” said Balvinder Kumar, member, UP-Rera.
“We have been hearing for a long time that an e-auction will take place, but nothing has happened due to negligence on the part of the government. To provide justice to homebuyers, there should be no further delay,” said Abhishek Kumar president of Noida Extension flat owners’ welfare association.