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An auction to sell four flats owned by Newtech Promoters & Developers in Greater Noida's La Galaxia project failed to attract any buyers, despite efforts by the Sadar tehsil to recover dues worth INR 5.7 crore under UP-RERA guidelines. The flats had been seized after the developer's prolonged non-compliance with a 2020 recovery certificate that classified the dues as land-revenue arrears. Despite multiple public notifications, no bids were received, prompting officials to plan a rescheduled auction. In a broader crackdown, authorities also sealed the offices of 12 developers in Dadri, who collectively owe over INR 175 crore to UP-RERA. The actions highlight increasing enforcement measures against defaulting builders failing to meet obligations to homebuyers.
A recent attempt by government authorities to auction four flats belonging to Newtech Promoters & Developers in Greater Noida has failed to attract any buyers, leaving officials scrambling for alternative options to recover dues worth INR-5.7 crore. The flats, located in the La Galaxia housing project, had been seized by the Sadar tehsil as part of recovery proceedings initiated under the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) guidelines. Advertisement
The recovery was based on a certificate issued in 2020, categorising the developer's unpaid dues as land-revenue arrears. After prolonged non-compliance by the builder, officials moved to recover the amount by auctioning the unsold flats. However, despite repeated public notifications and publicity efforts to attract buyers, not a single bid was placed during the auction process.
Authorities have now announced plans to reschedule the auction, with the expectation that a revised strategy might help in securing potential buyers. This failed attempt marks another instance in the ongoing efforts by local administrations to tackle the issue of delinquent developers.
In parallel developments, district officials sealed the offices of 12 other builders in the Dadri area over the past week, all of whom collectively owe over INR-175 crore to UP-RERA. This move follows a growing trend of enforcement actions targeting defaulting developers who have failed to deliver on their promises to homebuyers.
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