Noida (UP): There will be an auction on November 3 of such residential and commercial properties as have been confiscated from builders from time to time, official sources said on Monday. It will be the first public auction of such properties in the state.
The most expensive of properties is worth Rs 54 crore and the cheapest one is worth Rs 25.11 lakh and most of the properties belong to Infraestate builders. The costliest of all properties –1453 square meters – is located in Wave Mall, sector 18, Noida.
During the auction, people will have an opportunity to purchase shops at Wave Mall in Noida and Ansal Plaza Mall in Greater Noida. The government agencies confiscated the properties from builders who failed to return the buyers’ money. It was done after the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) had issued an order. The administration has seized properties worth Rs 400 crore and begun to do e-auction of properties valued at Rs 270 crore.
The administration began the process for the auction from October 6 and sought applications from those who want to take part in the bid. The officials of the revenue department also put details on the website for those who are interested in taking part in the bid. According to the website, more than 60% of the properties to be auctioned are located in Greater Noida West.
