Builders' properties worth Rs 270 crore to be auctioned on Nov 3

by IANS |

Greater Noida, Oct 17 (IANS) The auction of residential, commercial properties of the builders seized so far will be held on November 3 with the most expensive property being of Rs 54 crore and the cheapest property being of Rs 25.11 lakh.

Most of the properties being auctioned are of Cosmos Infraestate builder. Through the auction, people will have a chance to buy shops at Wave Mall in Noida and Ansal Plaza Mall in Greater Noida.

These properties were seized by issuing recovery certificates against the builders for not paying the buyers' money on the orders of Uttar Pradesh Real Estate Regulatory Authority (UP RERA).

The district administration has so far confiscated properties worth about Rs 400 crore and has started the process to conduct e-auction of properties worth Rs 270 crore.

The first auction of the district and state will be held on November 3. Its process has started from October 6 and applications to participate in these auctions have been invited. On Sunday, the details of the properties included in the auction were made public by the administration.

The details have been provided to the people on the website and through social media. About 60 per cent of the properties included in the e-auction are from Greater Noida West. The most expensive property is of 1453 square meters and is located in Wave Mall, Noida Sector 18. The bidding will begin for the same property.

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