Wave Group clears Rs 96 crore UP-RERA dues

NOIDA: The real estate developer, Wave Mega City Centre Private Limited, has deposited Rs 96 crore to
the district administration as part of settlement of the recovery certificates (RCs) having a total value of Rs 136 crore, issued by UP-Rera. In May, the district administration issued an order to auction off 38 shops build by the developer in a commercial project in Sector 18 over the non-payment of UP-Rera’s dues. With 70.5% of its dues now cleared, the district administration is likely to postpone the e-auction of the shops at Wave 1st Silver Tower in Sector 18. However, the administration officials said that the decision to hold back the auction is subject to the Wave Group fulfilling its remaining dues. In case of non-payment, they said, the district administration affirms that legal actions will be taken against the developer.

The shops in question, located in Wave 1st Silver Towers, were attached earlier by the administration.
These range from 165sqm to 1,240sqm in size, having reserved prices between Rs 48 lakh and Rs 2.7
crore. According to the auction notice issued by the Dadri tehsil, the amount generated from the auction would
be used to pay the UP-Rera in relation to the RCs issued against the defaulter builder. The district administration has been taking strict action against developers who have defaulted on clearing dues to allottees. In April, a drive was launched against 101 developers to collect Rs 503 crore against
1,705 RCs.