in

Soon, a drive to recover Rs 400 crore dues from builders in Noida, Real Estate News, ET RealEstate

Soon, a drive to recover Rs 400 crore dues from builders in Noida, Real Estate News, ET RealEstate
NOIDA: The district administration will soon initiate a drive to recover dues from private developers who have defaulted on payments. More than 80 private developers are under the radar and a sum of about Rs 400 crore has to be collected from them, officials have said.

Various government agencies, including the UP-Rera, the Noida Authority and the Greater Noida Authority, have already issued recovery certificates against these developers after having failed to recover dues from them. However, the recovery certificates will have to be executed by the district magistrate as per the UP Revenue Code.

The administration had, in fact, put its plan on hold for a while as it was busy with the management of Covid-19 patients and the rehabilitation of families displaced by the Noida International Airport project. “But now things are now under control and our officials have time to finish the legal proceedings,” a senior administrative officer told TOI.

If a promoter fails to comply with the order of the adjudicating officer of the real estate regulator or is unable to settle the payment towards the land to the holding authority, the unpaid revenue becomes arrears and the developer is designated a defaulter. The district administration has the power to attach the properties and assets in the name of the defaulter.

Additional district magistrate (finance) Vandita Srivastava said that action against 32 defaulters has been initiated so far and assets worth about Rs 350 crore have been recovered or attached. “Majority of the defaulters are based out of Dadri. The sub-divisional magistrate of Dadri will soon identify the other defaulters and attach their properties. We have seven more months in this fiscal to recover the dues.”


What do you think?

Written by Realty Beat

Leave a Reply

Your email address will not be published. Required fields are marked *

Landlords look for an exit amid federal eviction moratorium, Real Estate News, ET RealEstate

Landlords look for an exit amid federal eviction moratorium, Real Estate News, ET RealEstate

McKinsey & Co leases 45,000 sq ft office space in Mumbai's BKC, Real Estate News, ET RealEstate

McKinsey & Co leases 45,000 sq ft office space in Mumbai’s BKC, Real Estate News, ET RealEstate