The real estate regulator in the northern state of Uttar Pradesh in India plans to auction unsold apartments of defaulted developers, in an attempt to speed up refunding homebuyers, The Times of India reported Sept. 20.
Citing officials from the Uttar Pradesh Real Estate Regulatory Authority, the report said the regulator plans to set up an online platform to auction those properties. The measure is believed to be the first in India, the report noted.
Defaulted builders which have been issued recovery notes to repay homebuyers will be eligible for the new program, the report added.
