The move comes as buyers feel that many builders have not started this financial practice to protect their rights.
NOIDA: Homebuyers on Tuesday submitted a letter to the Greater Noida Authority and the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera), asking them to make public the names of builders who have opened escrow accounts with the money deposited by investors. The move comes as buyers feel that many builders have not started this financial practice to protect their rights.
“We have written letters to both Greater Noida Authority and UP-Rera, asking them to disclose the names of all such builders with escrow accounts, on the website of UP-Rera for the sake of transparency,” co-founder of Noida Extension Flat Owners Welfare Association (Nefowa) Indrish Gupta told TOI.
The buyers’ group claimed, in its letter, that over the past few months they received complaints from various buyers on the issue of projects which are incomplete and where builders seem to have diverted funds.
“There are over 50-60 projects which are stalled. However, these builders have been taking payments from buyers and most of them have overstepped UP-Rera completion deadline. So, we have asked the regulatory authority to disclose an update on the status of the buyers’ funds with these builders,” Shweta Bharati, general secretary of Nefowa, said.
According to UP-Rera, over 700 builders in Noida and Greater Noida have overstepped completion headlines, with over 100 more expected to follow suit in the next three months.
“We just want to ensure that despite delays, the buyers’ funds are protected,” Gupta added.
When contacted, a GNIDA official said, “Buyers’ requests on the matter will be considered and they can find seek necessary answers from UP-Rera.”