Realty firm’s office sealed over dues

NOIDA: The district administration on Monday sealed the office of a realty firm in Greater Noida’s Sector 16C for failing to pay ₹4 crore to homebuyers despite repeated notices. The administration will seal offices of some other such defaulters on Tuesday, officials said.

“Today, we have sealed the office of Radicon Vedantam as it has defaulted payment of ₹4 crore. We will seal the offices of other realty firms on Tuesday if they do not clear the payments of the homebuyers,” said Vijay Prakash Mishra, tehsildar of Dadri. Arpit Gautam, a promoter at Radicon Vedantam, said, “We have come to know about the sealing and will do the needful to get the office de-sealed.”

The district administration is soon likely to start an e-auction of properties of the different developers, who have failed to hand over possession of flats/ apartments to homebuyers on time and defaulted their payments, despite being served repeated recovery notices.

Recently, the Uttar Pradesh government allowed the administration to e-auction the properties worth ₹350 crore, which have been seized from the developers for failing to clear the dues of the homebuyers. These properties include shops, flats, plots and office spaces.

According to procedure, if the builder or allottee fails to pay the homebuyers despite repeated notices, the homebuyers approach the Uttar Pradesh Real Estate Regulatory Authority seeking refund from the developers. The regulator then asks the administration to recover the dues from the developers.

“Our process of issuing recovery notices and sealing offices or other properties will continue. We do not seal the property if the developer is willing to pay the dues. We have decided to e-auction properties worth ₹350 crore of the developers, who have not cleared dues,” said Vandita Srivastava, ADM.