A major real estate crisis has emerged with 800 investors trapped in two projects by the M3M builder in Noida. These investors are desperately trying to recover their investments as the Noida Authority prepares to take over the commercial plots involved in the projects. A detailed report on the matter has been submitted to the government.

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๐Ÿ“œ Key Details

  • Investor Count: Approximately 800 investors are affected in the two M3M builder projects.
  • Authority Report: The Noida Authority has prepared and sent a report to the government detailing the situation.

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๐Ÿข Projects Under Scrutiny

The Noida Authority has initiated steps to take possession of the commercial plots owned by M3M builderโ€™s subsidiary companies. These plots, located in:

  • Sector 94: Reserved price of โ‚น827.35 crores.
  • Sector 72: Reserved price of โ‚น176.48 crores.

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Both plots were allotted to the subsidiaries, Messrs Lavish Buildmart Private Limited (Sector 94) and Messrs Skyline Propcon Private Limited (Sector 72).

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๐Ÿšจ Violations and Actions

  • Allotment Cancellation: On May 10th, the allocation of these commercial plots to the two subsidiary companies was canceled by the government.

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  • Bidding Violations: The builder is accused of violating norms by allotting the plots through a single bid with an additional bid of only โ‚น5 lakhs over the reserve price.

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๐Ÿ” Government Involvement

The Noida Authority received a letter from Anil Kumar Sagar, Principal Secretary of Industry, Uttar Pradesh, highlighting the irregularities in the plot allotments. The allegations point to serious violations of the norms, leading to the current turmoil among the investors.

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๐ŸŒŸ Next Steps

The Noida Authority is gearing up to take control of the commercial plots soon, further escalating the tension among the builder and the investors. The investors are anxiously waiting for a resolution to recover their funds.

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Stay tuned for more updates on this unfolding real estate issue and other significant news from the region.

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