Yogi Adityanath, Uttar Pradesh chief minister, ordered an audit of all the financial accounts of the builders in Noida, Greater Noida and Yamuna Expressway who failed to deliver flats on time in order to probe the alleged diversion of funds.
Home buyers have been demanding a forensic audit of each defaulter builder’s accounts for a long time. CM Yogi took the decision in a meeting in Lucknow, attended by many top officials, including Meerut commissioner, YEIDA chairman Prabhat Kumar, Noida authority CEO Alok Tandon.
“Government has decided to conduct audit of the financial accounts of those builders who have failed to deliver the flats to homebuyers in time. Audit will cover the accounts and the status of construction, including the other aspects required to determine why builder failed to finish the project despite collecting the necessary funds from the homebuyers,” said Dr Prabhat Kumar, chairman YEIDA, who is also the Meerut division commissioner.
The builders allegedly diverted the money collected from the investors to start fresh projects instead of utilising them in the projects for which they had received the funds. As a result of this, thousands of flat buyers are suffering because their residential projects have been delayed by 4-8 years in places under Noida, Greater Noida & Yamuna expressway authorities.
There are has 203 housing projects in Greater Noida, out of which 82 are critical and builders owe 7,200 crore to authority. Noida authority has to recover 10,215 crore dues from the builders in almost 90 housing projects. While, YEIDA is struggling to recover about 3,000 crore from 13 builders.
Noida realty firms, Jaypee and Amrapali Group are facing insolvency cases at the NCLT after both of them failed to repay their debt to banks. Many builders were supposed to deliver flats from 2012-13. But, they failed to complete their projects and give possession to the buyers.
For last 3-7 years, we are protesting at every available platform for demanding justice, but government has not addressed our issues. The builders who are involved in cheating buyers must face legal action. The government should ensure justice to buyers and punish those builders, who cheated us. We hope the government will audit their accounts quickly and punish the builders without any further delay.
said Abhishek Kumar, president of Noida Extension flat buyers welfare association.