In a recent move to meet the deadline given by the Uttar Pradesh CM Yogi Adityanath, the Greater Noida Industrial Development Authority (GNIDA) has warned 7 builders for not furnishing all the details to the auditing agency appointed by the authority.
At the time of inaugurating Magenta Line Metro in Noida, CM has promised to deliver 80000 flats in the three regions, Noida, Greater Noida and Yamuna Expressway, by the end of March 2018. He has also promised to take stringent actions against all the builders who will fail to meet the deadline. The actions will be taken after doing financial and physical audits in the three regions.
Debashish Panda, CEO Greater Noida Authority, “They have been given time till January 9 to provide the details or face action.” If sources are to be believed, there are 25 real estate projects with around 61000 flats that are under the scanner of auditing agency. “While seven builders have failed to provide details for the audit, 12 have submitted their details and another six Greater Noida builders have given incomplete information. If we do not get the details from the seven builders by January 9, their list will be forwarded to the government with a recommendation for stringent action,” said Panda.
These seven Greater Noida builders are responsible for the construction of around 12000 flats and are involved in a default amount of approximate ₹400 crores. The auditing of the projects in all the three regions, namely, Noida, Greater Noida and Yamuna Expressway is being done by Currie and Brown, an international firm that has been hired in the month of November last year.
There are 11 chief points in the Noida, Greater Noida and Yamuna Expressway auditing, these include, bank details, money invested by the home buyers in the project, the amount spent on the construction, amount needed to complete the entire project, available funds with the builder and the last five years’ balance sheet.
The additional CEO of Noida Authority, A K Rai, has said that these builders have outstanding dues amounting to ₹7500 crores. There are 36,000 flats involved in these 14 projects that are stuck because of the financial crisis.