32 properties sealed in Noida, money will be used to refund homebuyers

NOIDA: The Noida administration has sealed properties worth Rs 344 crore in 32 builder projects. These properties will now be put under the hammer and the money earned from it would be handed over to UP-Rera. The regulatory authority will, in turn, use the amount to refund buyers.
Some of the developers whose properties were sealed on Wednesday were Sikka Group, Ajnara, Supertech, Rudra Buildwell and Antriksh. UP-Rera had issued recovery notices against these properties. This money would be used to refund buyers in cases where Rera has issued refund orders but they have not been honoured by the defaulting builders.
“We will auction these properties online through a government approved platform. The collected funds will be handed over to UP Rera which can then pay off the buyers seeking refund. The total valuation of the seized property is Rs 344.23 crore. We have sealed property at 32 builder projects,” district magistrate of Gautam Budh Nagar, Suhas LY said.
“The recovery notices were sent to the district administration. If the defaulters had the funds, they would have paid them directly. But since they are cash-strapped, the builders have pledged their property as collateral. It would now be auctioned for recovery. Once we get the funds, we will facilitate the refund,” said Rajesh Kumar Tyagi, the UP Rera secretary.
“Some builders handed over a number of flats, while others were given the entire towers, depending on how much they owe in terms of refund. The administration will now help liquidate these so we can execute the refunds. The entire process will take a few months,” UP Rera member Balvinder Kumar said.