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UP-RERA issues show-cause notices to 12 Noida builders for fund diversion

Posted by Urban Avenues on November 24, 2018
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The notices were slapped on these developers on the basis of a forensic audit by Currie and Brown (C&B), Noida Authority’s official financial analyst.

UP-RERA issues show-cause notices to 12 Noida builders for fund diversion

NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) on Wednesday issued show-cause notices to as many as 12 developers who have been found to have diverted homebuyers’ money meant for completion of their housing projects in Noida and Greater Noida.

The notices were slapped on these developers on the basis of a forensic audit by Currie and Brown (C&B), Noida Authority’s official financial analyst. C&B had over the past three months investigated a total of 96 builders — 48 in Noida and another 48 in Greater Noida — for financial default. The analyst submitted its report to UP-Rera last month.

Officials said UP-Rera will decide on de-registering the projects of these builders to retrieve land or appointing third party developers to carry out the pending construction work once they submit their responses to the show-cause notices.

“We have asked for full financial disclosure from these 12 builders. Once the responses come, we will categorise these builders on the basis of their merit to complete the pending projects,” UP-Rera member Balwinder Kumar said.

“In some cases, we may deregister the builders and forfeit their land. In cases where the projects are semi-finished, we may ask residents’ welfare associations to come forward and take charge of completion. We could also ask some builders to take third-party contractors on board to complete their pending projects,” he said.

Meanwhile, UP-Rera has appointed Pricewaterhouse Coopers (PwC) to verify all data posted by builders of the state at the time of registration with the real estate regulator.

“All data furnished by builders to UP-Rera will now be under scrutiny. Disclosed data will be cross-checked. Discrepancies will be addressed,” Kumar added.

The decisions were taken by the Greater Noida bench of UP-Rera after a meeting with the top brass of the GNIDA on Wednesday.

NEWS SOURCE : https://realty.economictimes.indiatimes.com/news

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