Former Indian pacer: Munaf Patel, one of the stars of India’s 2011 World Cup victory, is in difficulty as a result of the pacer’s bank accounts being frozen following the issuance of a Recovery Certificate (RC) by the UP Real Estate Regulatory Authority (UP-RERA).
The sub-divisional magistrate of the UP-RERA, Alok Kumar Gupta, has reportedly verified that action had been taken against Munaf to recover an amount of INR 52 lakh. Gupta has asserted that the revenue team has also retrieved the money after seizing Patel’s bank accounts.
The most recent project of Munaf Patel ends up being forgettable.
According to reports, Munaf Patel serves as a director for the real estate company Niwas Promoters Private Limited. After starting a residential project, the company allegedly neglected to refund the investors; as a result, UP-RERA was forced to act by sending them an RC.
According to the district administration of Gautam Buddh Nagar, Niwas Promoters Private Limited launched the aforementioned residential project in sector 10 of Greater Noida West. However, the project’s completion is still waiting, therefore UP RERA moved ahead and issued an RC on the firm to recover a staging fee that is thought to be worth INR 10 Crore. The value of the investors’ money is said to be the aforementioned sum.
It is now unknown whether Munaf Patel and the other employees of this real estate company will face any additional legal action. However, the company currently has no choice but to abide by UP-regulations RERA’s and make the appropriate preparations to reimburse the clients for their money.
In accordance with real estate legislation, if builders miss deadlines for project delivery, the regulating body is required to issue recovery certificates to the builders and request that they pay the debts owed by their clients.
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