07 , April , 2023
In a major announcement, the Gautam Buddh Nagar district administration has said it will launch a crackdown on real estate defaulters from Friday, noting that over Rs 500 crore are to be recovered from developers against whom the Uttar Pradesh real estate authority has issued notices.
District Magistrate Manish Kumar Verma, who took charge last month, said "munaadi" (beat of drum) will be carried out against the builders over the next two days for the recovery of dues towards the Uttar Pradesh Real Estate Regulatory Authority (UP RERA). After this, the defaulters would be further "named and shamed" and coercive action -- including attachment and auction of their properties -- will follow in accordance with the law, Verma told reporters.
He said the administration has already taken action in some cases, sealed properties of defaulters and will now investigate their cases afresh, attach the properties and auction their assets to recover the dues. "Our ultimate objective is to swiftly bring back the hard-earned money of the common man which has been stuck with the builder. This whole plan of action is to increase pressure on the defaulters and they return the money of the common man soon," the IAS officer said. He said there are over 100 builders who are defaulters - 28 in Sadar tehsil and 73 in Dadri tehsil.
According to officials, the total amount of dues for which recovery certificates (RCs) have been issued is over Rs 1,700 crore but the "recoverable" amount is Rs 503 crore since seven to eight builders have gone for insolvency through the National Company Law Tribunal (NCLT).
In a stern message to defaulters, DM Verma said, "The UP RERA has issued the RCs after due hearings and there is no way to escape it. The district administration appeals the defaulters to return the money of common man or else we are going to take strict action in future."
(WITH INPUTS TAKEN FROM PTI)
