38 properties in Wave Megacity's Noida to be auctioned off due to unpaid fees

The developer was the subject of recovery certifications from the Uttar Pradesh Real Estate Regulatory Authority due to unpaid debts of Rs. 136 crore.

Due to non-payment of dues totaling Rs 136 crore on May 29, the Gautam Budh Nagar district administration has decided to auction off the associated flats and shops in the Wave Mega City project.

They claimed that these properties were attached as a result of recovery certificates (RCs) being issued against the developer by the Uttar Pradesh Real Estate Regulatory Authority (UPRERA).

Despite receiving multiple notifications, the developer has not paid its debts.

On May 29, an auction is scheduled for up to 38 shops in Noida sector 18's Wave Silver Tower.

The official explained, seeking anonymity, that the measure is a part of the district administration's campaign against defaulting builders.