UP Districts May Auction Properties Of Defaulter Builders To Recover Dues

In a virtual meeting held with the chief executive officers and vice-chairpersons of 15 development authorities on Friday, UP-Rera chairman Rajive Kumar asked the authorities to provide a list of all unsold inventories, vacant land, among others details of both completed and under-construction projects of the defaulters. The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has ordered development authorities in the state to furnish property details of all defaulting developers in their jurisdictions within 15 days. These will be passed onto the concerned district magistrates who can then auction the properties to recover homebuyers’ money from defaulting builders against whom recovery certificates have been issued, officials said. In a virtual meeting held with the chief executive officers and vice-chairpersons of 15 development authorities on Friday, UP-Rera chairman Rajive Kumar asked the authorities to provide a list of all unsold inventories, vacant land, among others details of both completed and under-construction projects of the defaulters According to Rera chairman Rajive Kumar, the authority has till date issued nearly 2,000 recovery certificates, and the total amount to be recovered from defaulters is around Rs 600 crore. About 15 percent of the amount against these recovery certificates has been realised and transferred to homebuyers, he added. A recovery certificate is issued after an individual or firm refuses to pay the default amount as ordered by either a court or a quasi-judicial body. The recovery amount is collected the district administration