Noida, Aug 11 (IANS): The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued recovery certificates to the Wave Group over the non-payment of Rs 55 crore.
The Gautam Budh Nagar district administration has recently ordered the auction of 38 shops belonging to the Wave group to recover the dues.
The auction is scheduled to take place on August 28.
The officials of Dadri Tehsil will auction the shops of Wave Mega City Centre Pvt Ltd at Silver Tower in Noida, Sector-18.
SDM Dadri, Alok Gupta, said that the builder did not deposit the money even as notice was sent repeatedly.
To recover the money, the administration has attached 111 properties of the builder.
In the first phase, 38 shops are likely to be auctioned on August 28.
The proposed price of the shops to be auctioned would be ranging from Rs 48 lakh to Rs 2.7 crore.
The size of shops are between 165 sq. metres to 1,240 sq. meters.