Rs 503 crore to be recovered from 101 builders: DM

The Gautam Buddh Nagar district administration has announced that it will begin a crackdown on real estate defaulters on Friday, noting that developers against whom the Uttar Pradesh real estate authority has given notices must pay back more than Rs 500 crore.
District Magistrate Manish Kumar Verma, who took charge last month, said “munaadi” (beat of drum) will be carried out against the builders over the next two days for the recovery of dues towards the Uttar Pradesh Real Estate Regulatory Authority (UP RERA).
After this, the defaulters would be further “named and shamed” and coercive action — including attachment and auction of their properties — will follow in accordance with the law, Verma told reporters.
According to officials, the total amount of dues for which recovery certificates (RCs) have been issued is over Rs 1,700 crore but the “recoverable” amount is Rs 503 crore since seven to eight builders have gone for insolvency through the National Company Law Tribunal (NCLT). “There are over 1,700 RCs and the amount of recoverable dues is more than Rs 500 crore. We are currently not working on the RCs which are under litigation or have been stayed by some court. We have details of all defaulter builders and take action for recovery, starting with ‘munaadi’ against them,” Verma said.