A minimum of five real estate firms that are constructing group residential projects in Greater Noida have channeled the finances collected from residence buyers to acquire costly luxury cars. This has been revealed as one of the facts by the first audit that inspected 25 realtor firms in the city, authorities of the Greater Noida Industrial Development Authority (GNIDA) stated. Further 25 are presently undergoing the process of audit and an elaborate report will be dispatched to the state government.

The audits were deputized to conduct research into the causes of the delay in delivery of homes to residence buyers.

GNIDA authorities did not make known any further details, giving the reason that they can only be divulged once the report is pegged. In Greater Noida, approximately 1.33 lakh flats are frozen within 104 housing projects.

According to GNIDA’s Additional CEO BK Tripathi, “Some details have come to light from the audit report of the first 25 builders scrutinized. I will share the facts regarding each builder once we have a final audit report in the next few days. If builders have used the money deposited by homebuyers wrongly or for their own personal use and have thus been unable to deliver flats, action will be taken.”

On January 15, Chief Secretary, Rajiv Kumar had said “criminal or civil action is on the cards for builders on a case-to-case basis depending on the facts and findings of the audit reports in the three areas of Noida, Greater Noida and Yamuna Expressway”.

A fiscal and tangible audit of developer projects in Noida and Greater Noida has been conducted by global company, Currie & Brown. Till now, a totality of 62 builders’ accounts have been scrutinized in the three zones as part of the first stage of the operation.

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