Builders diverted homebuyers’ money to buy expensive luxury cars says Audit

RERA-293x221 - CopyBy Accommodation Times Bureau


Greater Noida Industrial Development Authority (GNIDA) said, under the first audit, 25 real estate companies have been scanned in the city and out of that at least five realtors who are constructing group housing projects in Greater Noida have used the money collected from homebuyers to buy expensive luxury cars.

The audits were ordered to find the reasons for the delay in handover of flats to homebuyers. In Greater Noida, about 1.33 lakh flats are stuck across 104 housing projects.

More details can be revealed once the report is finalized, said GNIDA officials.

“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,” said, GNIDA additional CEO BK Tripathi.

Another 25 real estate builders are being currently audited and a report will be sent to the state government.

In the phase of the audit so far, around 62 builders’ have been audited. International firm Currie & Brown has been carrying out the financial and physical audit of real estate builder’s projects in Noida and Greater Noida.

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