Real estate properties worth Rs 344.23 crore belonging to 32 real estate developers were seized by the Gautam Buddha Nagar administration over the non-payment of dues. This includes 162 flats, 6 plots, 5 shops and 28 luxury villas.
Issuing a notice to as many as 201 properties in Noida and Greater Noida, the Gautam Buddha Nagar DM has appealed to the homebuyers to not buy these properties.
As per the official order, the seizure happened after real estate builders had failed to comply with the orders of the real estate regulatory authority (RERA) to submit the land dues.
The order issued by Additional District Magistrate (Finance and Revenue) Vandita Shrivastava stated that these properties would soon be sold on e-auction to get the money that the developers owe to the government.
22 real estate properties were seized from Dadri in Greater Noida. Many defaulter builders have constructed their projects, especially in Greater Noida West.
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