Noida: Action against three developers for failing to pay dues

The Gautam Budh Nagar administration has taken action against three developers — Wave Group, Supertech Limited and Future World — for failing to comply with its orders pertaining to financial dues, officials said on Friday

The action comes after the developers failed to honour the recovery notices issued by the administration. The administration had started the process to recover the money following the orders from the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera). Some homebuyers had approached the real estate regulator for refund after the developers failed to deliver the projects as per the deadline.

According to the officials, the administration first issues a notice to the defaulter giving him time to file a reply. If the builder fails to submit a satisfactory reply, then the administration begins the process of attaching the property, accounts or other assets to recover the dues from the defaulting developers.

“We have started the action against the developers as per the law and it will continue on a case to case basis. We will recover the money and hand over the same to the UP-Rera for suitable action,” said Suhas LY, district magistrate, Gautam Budh Nagar.

Wave Group’s Wave Mega City Centre (WMCC) Pvt Ltd has dues of around ₹70 crore, Supertech Limited of around ₹1 crore and Future World of around ₹2 crore to be paid to the UP-Rera.

“When a team reached the office of the Wave Group to seal it, they paid ₹2 crore and asked for some time to pay the remaining amount, so we did not seal the office. We seized six accounts of Supertech Limited for not paying the amount despite repeated notices. And similarly the office of Future World was sealed,” said an official from the district administration, requesting anonymity.

A spokesperson of Wave Group said, “The matter concerning the WMCC is sub-judice. The district administration officials visited the office of Wave Infratech, which has no relation with WMCC. We are in continuous discussion with the administration officials and expect to resolve the matter amicably.”

Supertech’s spokesperson said, “We paid some amount and remaining will be paid soon. After we paid some amount, the accounts were released.”