The district administration in Noida is set to auction 38 shops in Wave Mega City Centre's commercial project in Sector 18 due to the developer's failure to settle dues amounting to Rs 136 crore. The shops, located in Wave Silver Tower, will be auctioned with reserved prices ranging from Rs 48 lakh to Rs 2.7 crore. This action is part of the administration's efforts to collect outstanding dues from developers and hold them accountable.
The district administration in Noida has ordered the auction of 38 shops in Wave Mega City Centre's commercial
project in Sector 18 due to non-payment of recovery certificate (RC) dues amounting to Rs 136 crore. Despite multiple
notices, the developer, Wave Mega City Centre Private Limited, has failed to settle the outstanding dues, leading to
this action.
The attached shops in Wave Silver Tower range from 165 to 1,240 square meters, with reserved prices ranging from
Rs 48 lakh to Rs 2.7 crore. The highest bidder in the auction will be declared the buyer and must immediately deposit
25% of the bid amount through a bank draft.
This move by the district administration is part of its efforts to take strict action against developers who have defaulted
on clearing dues to allottees. Recently, a drive was launched to collect Rs 503 crore from 101 developers against 1,705
recovery certificates. In addition to the auction, the administration has resorted to measures such as conducting munadi (drum-beating) outside developers offices to recover the outstanding dues. The authorities have also sealed
the offices of several developers as part of their ongoing actions to enforce compliance.
In a separate case, the district administration has called Supertech chairman R K Arora to the SDM Dadri's office over
the non-payment of dues worth Rs 26 crore against 52 recovery certificates issued by UP-Rera for a Supertech project
in the Yamuna Authority area. Arora has been instructed to clear the dues within the next 10 days. These measures
demonstrate the administration's commitment to holding developers accountable for their financial obligations and
ensuring timely payments to protect the interests of homebuyers and investors.
In recent years, several cases have emerged highlighting the failure of real estate developers to pay outstanding dues,
leading to severe consequences. These incidents have raised concerns among homebuyers and authorities alike,
emphasizing the need for stricter regulations and accountability within the industry.
Advertisement
Facebook
Whatsapp
