Confiscated properties of 40 builders in Noida to be put on e-auction to recover dues

New Delhi: The Gautam Budh Nagar district administration has asked Noida, Greater Noida and Yamuna Development Authority to organise an e-auction to sell properties of 40 defaulting real estate builders. 

The value of the total properties that will be put up on auction is reportedly about Rs 500 crore. The three authorities will conduct the e-auction of the properties in their respective areas to recover the dues, according to a report by Hindustan. 

District Magistrate Suhas LY noted that after the cabinet’s approval, the administration has received more instructions on the issue from the government. He has written a letter to all the three authorities to organise the e-auction of the properties of the 40 defaulting builders. 

Supertech is the biggest defaulter among all the builders. So far, the district administration has confiscated 69 villas of Supertech Group, along with 35 shops in Shoprix Mall, Sector 61, Noida, the report added. 

Besides the villas and shops, the confiscated properties of other defaulter builders will be put up on the e-auction to recover the dues. The report mentioned that this would be the first time when the administration is recovering the dues by conducting an e-auction of the confiscated properties owned by builders.  

Previously, the administration had tried selling the confiscated property several times by conducting open auctions in respective tehsils, but to no avail. The number of buyers was limited in the sales. Also Read: Pay Commission salary update: Announcement of new pay scale, bumper salary increase for employees

However, with the e-auction now being conducted by the authority itself, the administration is hoping to get a decent price for the confiscated properties to recover its dues. Also Read: Budget Session 2022: ‘Jan Dhan-Aadhaar-Mobile’ trinity empowered citizens, says President Kovind

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