Noida administration seals 32 builder projects worth Rs 344 crore indiatoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatoday.in Daily Mail and Mail on Sunday newspapers.
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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.
Noida: After imposing fines to the tune of Rs 4 crore on 25 builders for non-compliance of its orders in favour of homebuyers, UP-Rera is now hearing the offenders out one-on-one. Top executives of Supertech Group and the Logix group turned up at the regulator’s door on Wednesday and Thursday, respectively, to negotiate and make fresh promises for completion of flats to escape fines.
“The meetings are being held with the erring builders on a one-on-one basis. However, there have been no discussions on whether they would be absolved of the heavy fines if they start delivering the pending units,” Balvinder Kumar, member of UP-Rera, told TOI.