The Gautam Buddha Nagar district administration is set to auction 38 sealed shops owned by Wave Group within Noida’s Wave Silver Tower due to unpaid dues. The auction, scheduled for August 28, is a firm response to the builder’s failure to fulfill its financial obligations. The district, which encompasses Noida, Dadri, and Jewar in Uttar Pradesh, is an integral part of the National Capital Region.
Officials from the district administration have indicated that the auction will include shops ranging in size from 165 to 1,240 square feet. The reserve prices for these properties are projected to be between Rs 47 lakh and Rs 2.5 crore, determined by various factors, including size and market conditions.
Alok Kumar Gupta, Sub-Divisional Magistrate (SDM) of Dadri Tehsil in Gautam Buddha Nagar, emphasized the administration’s proactive approach toward addressing delinquencies in the real estate sector. Gupta stated, “Wave Group, the developer, owes approximately Rs 55 crore. Uttar Pradesh Real Estate Regulatory Authority (UPRERA) issued fresh recovery certificates against the company. The auction of these 38 shops within Wave Silver Tower in Sector 18, Noida, is scheduled for August 28 at the Dadri SDM office.” Gupta added that the action follows the builder’s persistent failure to respond to multiple notices regarding the outstanding dues.
The successful bidder for each shop will be required to immediately pay 25 percent of the final bid amount after the auction concludes. The proceeds generated from the auction will be allocated to cover the recovery certificates issued by UPRERA. Notably, a similar auction involving Wave Group shops took place in May 2023; however, the event witnessed limited turnout and bids falling short of the set reserve price. Subsequently, the developer rectified the situation by contributing Rs 100 crore against the outstanding recovery certificates amounting to Rs 136 crore.
This renewed auctioning of properties results from the issuance of new recovery certificates against the builder, thereby necessitating this renewed course of action, as explained by the aforementioned official.
Developers facing recovery certificates for unsettled dues may see their attached properties subjected to auction if the outstanding debts remain unresolved. The administration’s firm stance on delinquent dues in the real estate sector signals imminent further actions, the official underscored.