Meerut News: Development Authority Takes a Tough Stand! Cancels 2700 Plot Allotments, Know Reason Here

Meerut News: After two or four installments, money has still not been put in 2713 plots. A total of Rs 5,485 crore has been assigned to them. These lots are unoccupied. The allotments of this defaulter group will now be cancelled by the Meerut Development Authority (MEDA). The recipients' list has been created. Soon, a one-month notice will be given.

Allottee Shenanigans and the Influence of Real Estate Tycoons

According to information that has surfaced about these allottees, they are seeking for a chance to sell their votes to others by watching for them to grow in number. In this case, the full installment will be paid by the new buyer. As a result, the allottee is skipping an installment. The scheme of a few prominent real estate businessmen, who produced such allotees and paid for the initial costs of the plots under their names, has come to light.

Multiple Transactions and Duplicitous Deals Uncovered

Investors are watching for the price to rise because the allottee and the indirect owner of the plot are two different people. In addition, some plots have been sold three to four times by the investors in accordance with their agreement, even if only two to four installments have been paid for them. Vedavya Sapuri has the most defaulter plots, followed by Shatabdi Nagar. These are plots from the authority's 14 residential development projects. These include schemes like Lohia Nagar, Ganga Nagar, Raksha Puram, Shraddha Puri, Pallavapuram, Sainik Vihar, Major Dhyan Chandnagar etc.

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