Builders’ audit to enhance buyers confidence

The latest move of the Noida & Greater Noida Authority  conducting auditing of all property developers, to identify the unscrupulous developers diverting the money collected from home buyers, resulting in projects getting stuck, will come as a boon to property consumers.

 In Noida & Greater Noida, as many as 94 housing projects are lying incomplete, with close to 78000 home buyers facing the brunt. It is in this backdrop that in September last year, Uttar Pradesh Chief Minister, Yogi Adityanath, had directed the CEOs of Noida & Greater Noida Authority to audit builders who had failed to deliver flats to home buyers. In the audit report of 28 developers, prepared by Yamuna Expressway Industrial Development Authority (YEIDA) , as many as 8 real estate companies find them in spot for diverting funds. The Noida authority is also readying the list of defaulting developers (out of

51 audited developers) who had diverted projects money. The list will come handy for home buyers who will be able to know which are the reliable builders from investment point of view.

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