Real Estate Crisis: 800 Investors Trapped in M3M Builder Projects

The real estate landscape in Noida is currently marred by a significant crisis, with approximately 800 investors finding themselves ensnared in two projects by the M3M builder. What started as property dreams has turned into a nightmare for many, as the Noida Authority gears up to take over the commercial plots involved in the projects. Here’s a closer look at the key details, projects under scrutiny, violations, government involvement, and the looming uncertainties faced by investors.

Key Details

Investor Count: Around 800 investors are affected across the two projects by the M3M builder.

Authority Report: The Noida Authority has compiled and submitted a detailed report to the government, outlining the dire situation.

Projects Under Scrutiny

The Noida Authority has set its sights on taking possession of commercial plots owned by M3M builder’s subsidiary companies. These plots, situated in:

  • Sector 94: Reserved price of ₹827.35 crores.
  • Sector 72: Reserved price of ₹176.48 crores.

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

Violations and Actions

Allotment Cancellation: The government revoked the allocation of these commercial plots to the two subsidiary companies on May 10th.

Bidding Violations: Allegations have surfaced regarding bid irregularities, with accusations of allotting the plots through a single bid with a minimal increment over the reserve price.

Government Involvement

Anil Kumar Sagar, Principal Secretary of Industry, Uttar Pradesh, brought attention to the irregularities in plot allotments through a letter to the Noida Authority. Serious violations of norms have been alleged, leading to the current turmoil gripping investors.

Next Steps

With the Noida Authority poised to assume control of the commercial plots imminently, tensions between the builder and investors continue to mount. Investors anxiously await resolution in their quest to recover their investments.

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