GB Nagar to e-auction unsold flats to recover dues from builders

As per the process, if a buyer or government agency like Noida or Greater Noida authorities fail to recover its dues from a builder or other financial defaulters, then they can take legal help to recover the dues. Homebuyers, who have won compensation from consumer forums and UP-Rera, are finding it difficult to get the orders executed as developers are not paying them the compensation. In such cases, UP-Rera directs the administration to issue a notice to recover the dues. Similarly, to recover land dues from developers, the authorities gets the district administration to issue a recovery certificate/notice. Once the notice is issued and no payment is made, the administration attaches and seals the assets of the defaulter. 'The administration has sealed a few properties of the 860 projects in Gautam Budh Nagar and Ghaziabad districts. But the sealing drive is not yielding any results for homebuyers, who are unable to get their refund. The builders say they do not have the fund to pay out refunds. We have asked the administration to de-seal those projects, which are sealed and start e-auctioning of properties to recover dues,' Balvinder Kumar, member of UP-Rera, said. As per Rera Act, builders such as 3Cs, Shubhkamna, Cloud-9 and Unitech, among others, are facing recovery certificate proceedings. Administration officials have recovered only ₹26.37 crore since April this year for 2019-2020. Officials had recovered around ₹25.93 crore till March 31, 2019, for the year 2018-2019. The UP-Rera officials said it needs to recover around ₹450 crore against 860 recovery certificates issued in the two cities. The UP-Rera held a meeting with Gautam Budh Nagar district magistrate BN Singh, additional DM MN Upadhyay and Ghaziabad administration official at Greater Noida's Sector Gamma-I office. 'Now, the administration will separately engage a central government agency that will create a website and carry out an e-auction of unsold flats to recover dues from builders. We will keep the unsold flat's cost relatively cheaper so that they are easily sold in order to generate funds,' Kumar said. The administration will have to identify all unsold flats, which have no legal issue. The administration will first take physical possession of these flats and then start the e-auction. 'We will carry out the e-auction as per law and also de-seal properties,' BN Singh said. The Noida authority chief executive officer Ritu Maheshwari said her office was not aware of this development. DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Hindustan Timeshttp://www.boxboardproducts.com/UserProfile/tabid/61/userId/456226/Default.aspx