On January 12, a meeting was held between the Noida Authority and 37 developers, whose projects will be sent under the scanner in the subsequent series of audit as the UP government tries to find out the causes that are at the tail end of late housing deliveries and finds ways and means to build a directive implement.
The meeting was held the next day after Noida Authority sent notices to developers of 11 projects for allegedly transferring finances of approximately Rs 4,000 crore slated for realization of residential projects in the city.
Projects of the 37 builders who were summoned for the meeting are scheduled to be evaluated in the subsequent stage of the audit in progress and will concerned with approximately 37,000 residential units. The builders have been instructed to cooperate in the audit that is being conducted by Currie & Brown, a global consultancy firm. This audit is anticipated to culminate in the coming three weeks, as confirmed by officials.
Noida will carry out audits of 51 projects encompassing in excess of 70,000 housing units, officials said.
The meeting was summoned by Noida Chairman and CEO Alok Tandon and was also attended by Additional CEO A. K. Srivastava and officer on special duty (group housing) Santosh Kumar. “We have directed the builders to provide all assistance to the firm auditing their accounts without delay,” said Tandon. “Builders have been asked to provide necessary details for the audit besides furnishing information about housing projects,” he added.
Tandon said the audit company is required to put forward a report on precedency “so that we can take the matter forward and do justice to the demands raised by the homebuyers”. “We have to determine the physical and financial status of each project. Financial statements of all projects whose construction is incomplete, in the last five years between 2010-11 and 2016-17, will have to be made available by the developers of the projects for perusal. The aim is to safeguard the interest of homebuyers and help them get possession of their homes at the earliest.”
In the previous year, house buyers had requisitioned an audit of builders’ accounts to ascertain whether they channeled money that was allocated for building of their houses, to other businesses. On September 12, chief minister Yogi Aditya Nath had instructed the CEOs of Noida, Greater Noida and Yamuna Expressway authorities to conduct an audit.