No takers for 40 flagged Noida builders’ properties in auction

Despite best efforts by the local administration, no taker has come forward to buy any of the properties by the 40 builders flagged for no-payment related issues.

The Gautam Buddha Nagar administration has been trying to sell off the properties of 40 builders to recover the government debt. Apparently, the authorities have decided new dates for auction for ten times, but nobody has shown the willingness to put money into any of the listed projects, reports Tricity Today.

The publication claims that the District Magistrate Suhas LY has sent a report to Lucknow in this regard. He said that the district administration had run a campaign with 12 teams to recover the debt in RERA and other fault cases. They have seized properties worth more than Rs 500 crore, but nobody turned up for the auction process.

READ | Builders have ‘not paid a single paisa’ to clear dues: Noida Authority tells Supreme Court

Many investors had gone to the court complaining about non delivery of flats and violations of other RERA rules. After which, the court had given stern orders to the district administration.

Live TV