200 housing projects face audit by Uttar Pradesh government

200 housing projects face audit by Uttar Pradesh government
Sep 2017 , by , in Latest News

The Uttar Pradesh government has asked the three authorities—Noida, Greater Noida and Yamuna Expressway—to draw up an audit plan for nearly 200 group housing projects in these areas.

Principal Secretary, industries, Alok Sinha has written to CEOs of the three authorities asking them to submit an action plan for hiring realty experts as consultants by September 18. These consultants, who are to be in place within six weeks, are expected to carry out an audit of all ongoing projects in the two cities to determine the physical and financial status of each project. Financial statements of all projects whose construction is incomplete, in the past five years between 2010-11 and 2016-17, will have to be made available by the developers of the projects for perusal.

The details are being called in by the government as it is likely to transfer all complaints of homebuyers to Real Estate Regulatory Authority. RERA in turn is expected to depute the perusal of all documents of each project to an investigating officer. The probe will be conducted as per Section 35 (powers of Authority to call for information and conduct investigations) under the Real Estate Regulation and Development Act, 2016. The move follows the several tripartite meetings held by the three authorities over the past few months and many realtors’ reluctance to submit financial records, officials said.

The physical details that will be audited by the consultants include a list of floor-wise flats and towers constructed by each builder. Details of all persons who have booked flats, payment received by builder against each flat, total payments received in each project etc will also be collected, said sources.

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