Noida: Comtroller and General Auditor (CAG) have compiled a comprehensive map of all the wrong with the Nida real estate scheme – a group housing community.
Inheritance in the years of irregularities and gaps in the rationing procedure are severe pressure that home buyers now find themselves.
Of the total 113 projects initiated in the period under the audit (2005-06 to 2017-18), only 63% (71) finished or partially finished, said CAG.
And out of 1.3 lakh flats sanctions, residential certificates have been spent only 44%.
Although in terms of growth, the period 2009 to 2011 is the best for real estate developers in the city, this is the time to go south for buyers because the authority of Noida stimulates the financial feasibility criteria while allocating plots for housing groups, but at the same time, start offering Larger plot.
After tweaking the rules so that Allastee must pay less payments upfront, quoting a recession in the Western world, Noida authorities began to accept offers from companies that have lower net worth.
As a result, the plot that rated around Rs 500 Crore was offered to the company with a clean value of RS 75 Crore for Payment in front of Rs 50 Crore.
The CAG report shows builders with limited financial capabilities can corner larger plots, one of the main reasons for a large number of housing projects running for many years.
Initially, the Noida Authority used to take 30% of land premiums was upfront, the rules were revised during 2009-2011 with land allocated on payment of only 10% of the premium.
The remaining 20% are required within 60 days of allotment.
The CAG report highlighted the case of allotment conducted in April 2007.
Although it did not make payments outside 30% for more than four years, the Noida Authority did not take criminal acts against Allottee in addition to issuing notifications, thus forgiving the action.
from the builder.
The clause to allow out of the lead member was also introduced by reducing its share ownership from 51% to 26%.
Rules change allows small players to take over the large field of land that has been given based on the participation of the main member.
CAG has asked the state government to take tight action against the plot rate (PAC) committee, the senior authority official team that prepares the builder application and recommendation for the group housing plot.
PAC consists of officers about special tasks, GMS (Housing Group), Financial Controllers, Project Engineers Head, Chipect Architect Planner, Chief Legal Administrative Officer.
CAG also explained how to allow the plot sub-division to contribute to the chaos of the group housing by leaving large land parcels in the hands of players who do not have the ability to implement the project.
The auditor noted that the plot sub-division was permitted as a relief size once during the recession for the overall financial problems until March 2011.
However, the CEO of the Noida Authority “was embedded with a permanent feature by including it in his brochure that began in November 2009 and benefited no Everything that has had difficulty but also all allottees candidates, “said the audit report.
The report also observed that Noida authorities made several quota to the Amrapali and Unitech group companies “which by default in payment of contributions for previous rations totaling RS 9,828.49 Crore on March 31, 2020”, said the auditor.
Both Amrapali and Unitech have a large flats pendency, which requires the Supreme Court intervention.
Noida: Why dream housing becomes acid for buyers
