Greater Noida authority to hire agency to monitor housing projects | noida | Hindustan Times
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Greater Noida authority to hire agency to monitor housing projects

The authority wants to take the help of private agencies because it does not have adequate staff to do the job.

noida Updated: Aug 08, 2017 21:56 IST
Vinod Rajput
The Greater Noida authority wants to select a private agency that will collect details of sick realty projects.
The Greater Noida authority wants to select a private agency that will collect details of sick realty projects. (Sunil Ghosh /HT Photo)

The Greater Noida authority on Tuesday discussed the selection process of private agencies that will monitor the progress of each ongoing realty project in detail.

Six of the nine agencies, which expressed an interest in taking over the job, gave a presentation to officials at its Knowledge Park-IV administrative office building on Tuesday.

These six agencies explained to the officials as to how they will monitor the progress and collect details about each realty project which is stuck for various reasons. The Greater Noida authority chief executive officer Debasish Panda was also present at the presentations.

The authority will now prepare a request for proposal (RFP) document under which private agencies will participate in the selection process.

“We hope to ready RPF document in the next two weeks so that we can select the agencies for the job of monitoring realty projects. We hope to select these agencies in the next two months,” said Panda.

The authority is hiring private agencies for progress monitoring because many builders keep making false promises of delivery, thereby fooling homebuyers. The authority wants to take the help of private agencies because it does not have adequate staff to do the job.

The private agencies will also collect details of funds a builder has collected from buyers. They will also ascertain where the money has been spent by the respective builder.

“The private agency will tell us how much money a builder has collected and how it spend that money. The agencies will also prepare a document on the basis of which we will take action against the builder if he has defaulted or diverted funds,” Panda said.

The authority will act sternly against those builders who are deliberately defaulting on payments or have diverted the money collected from buyers elsewhere.

The Greater Noida authority had in September 2016 made public a list of 164 group housing projects, which together owe the authority Rs 4,500 crore (including interest on default).

Later, it had revised the list and said there were 95 defaulter group housing projects. Now the Greater Noida authority is to recover around ₹7,200 crore in land dues from defaulters. The land dues on builders increased because the authority imposed penalties for repeatedly defaulting on instalments.