Noida Authority grasp Munaf Patel’s bank accounts in order to recover the money

The Noida district administration seized the bank accounts of former Indian cricketer Munaf Patel after a Recovery Certificate (RC) was issued by the UP Real Estate Regulatory Authority (UP-RERA). The action was taken, said Alok Kumar Gupta, sub-divisional magistrate (SDM) of Uttar Pradesh Real Estate Regulatory Authority (UP RERA). 

The retired cricketer is a director of Niwas Promoters Private Limited, a real estate firm that undertook a residential project but was unable to pay back investors. After then, the UP Real Estate Regulatory Authority issued an RC (UP-RERA).

Alok further said that the cricketer’s bank account was frozen by the revenue team and the amount was recovered as well. 

The Greater Noida West sector district government reports that Niwas Promoters began a residential project in sector 10 but that it has not yet been finished. After investors complained to the UP RERA, the action was taken against the promoters, including Patel. Following the hearing, the UP RERA issued an RC against the real estate company for failing to return Rs 10 crore in investor funds.

The embattled Amrapali Group had entered into “sham agreements: Supreme Court

If builders fail to complete projects by the deadline, the regulatory authorities may issue recovery certificates demanding them to pay back homebuyers’ debts. The UP RERA has so far collected Rs 344.62 crore in 2,699 issues and distributed it to the respective allottees after issuing 5,625 recovery certificates totaling Rs 1,761.88 crore against the orders of refund.

44,555 consumer complaints — or nearly 38% of all complaints submitted nationwide—have been received by the UP RERA. Of these complaints, UP RERA has resolved 39,709 of them or roughly 40% of all complaints resolved in the nation.

The embattled Amrapali Group had entered into “sham agreements” with firms promoted by cricketer M.S. Dhoni and his wife, Sakshi, to divert homebuyers’ money, the Supreme Court had said in 2019.

Amrapali’s “arrangement” with Rhiti Sports Management Private Limited and Amrapali Mahi Developers Private Limited came to light during a forensic audit ordered by the top court of the real estate developer in 2018.