Wave Mega City Centre Private Limited, a prominent real estate developer, has made a significant stride towards resolving its financial obligations by depositing Rs 96 crore to the district administration. This payment is part of the settlement for the recovery certificates (RCs) issued by the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA), with a total value of Rs 136 crore.
Previously, the district administration had ordered the auction of 38 shops in Wave Mega City Centre’s commercial project located in Sector 18 due to non-payment of dues to UP-RERA. However, with 70.5% of the outstanding dues now cleared, the auction of the shops at Wave 1st Silver Tower in Sector 18 is likely to be postponed.
While the decision to hold back the auction is contingent on Wave Group fulfilling its remaining dues, the district administration has stated that legal actions will be taken against the developer if the payments are not made. These shops, which were previously attached by the administration, range in size from 165sqm to 1,240sqm, with reserved prices between Rs 48 lakh and Rs 2.7 crore.
The auction notice issued by the Dadri tehsil specifies that the proceeds generated from the auction will be utilized to pay the outstanding dues to UP-RERA related to the RCs issued against the defaulter builder.
The district administration’s stringent actions against developers who have defaulted on clearing dues to allottees demonstrate their commitment to protecting the interests of homebuyers. In April, a comprehensive drive was launched against 101 developers, targeting the collection of Rs 503 crore in relation to 1,705 recovery certificates.
Wave Mega City Centre’s efforts to settle its dues signify a positive step towards resolving its financial obligations. This development not only showcases the company’s commitment to complying with regulatory requirements but also highlights the importance of timely resolution of financial matters within the real estate industry.