BIG BREAKING: Wave Group property to be auctioned on May 29, company not paying 115 crores to flat buyers

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Wave Group's property will be auctioned on May 29, the company is not paying 115 crores to flat buyers

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Noida News : There is big news related to the real estate sector of Noida. Giving a big blow to the Wave group, the Gautam Budh Nagar district administration has announced to auction the properties of the company. In fact, property buyers had approached the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) against the company. UP RERA has issued Recovery Certificates (RCs) against Wave Mega City Center Pvt Ltd, ruling in favor of the property buyers. The company has not paid on these RCs. Therefore, the Gautam Budh Nagar district administration has decided to auction 38 shops of the company.

Auction will be held in Dadri Tehsil
Dadri Sub Collector Alok Gupta said, “UP RERA has issued RCs worth Rs 115 crore against Wave Mega City Center Pvt Ltd in property buyers cases. Repeated notices are being issued to the company to deposit this outstanding amount. Money is not being deposited by the company. Therefore, the shops of Wave Mega City Center Private Limited have been attached. These 38 shops will be auctioned on 29 May 2023. The auction will be held on May 29 at 11 am in the auditorium of Dadri Tehsil.

How to join the auction
The SDM told that his office can be contacted to get information about the auction. Those interested in participating in the auction can visit his office from 10 am to 5 pm for information. A person can bid for one or more than one shop. Interested people have to be present personally in the auditorium of Dadri Tehsil to bid.

The High Court did not ban the auction
Even the Allahabad High Court has not stayed this auction. A person named Amit Goyal had filed a writ petition in the Allahabad High Court. Hearing on which the court has said that the auction process of the shops will be completely unaffected by this order. This order will not be applicable in any way to the people who acquire the property through auction. Overall, the way of the district administration is completely clear regarding the auction of 38 shops of Wave Mega City Center Private Limited.

DM strict on inaction of builders
Builders are not giving flats and other properties to property buyers after taking money from them. The work on the projects has also been stalled for years. Flat buyers are demanding their money back, so they are not being given back either. People are forced to knock on the doors of UP RERA, High Court, NCLT and many other bodies. Now the Gautam Budh Nagar district administration has become strict on the builders. District Magistrate Manish Kumar Verma has given a clear order that the orders from all the courts including UP RERA should be followed. If the builders are not willing to return the money, their properties should be attached. The properties should be auctioned. In this connection, strict action was taken against the Supertech builder in the past. Now the second turn in this series has come from Wave group. Let us tell you that Supertech and Wave Group are the biggest real estate players of Gautam Budh Nagar. The strictness of the district administration has created panic among the remaining builders.

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