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Tuesday, Aug 20, 2019

Accounts of four Noida builders audited

In the first phase, the agency is auditing accounts of 14 builders. It will audit accounts of the remaining 37 builders in the second phase.

noida Updated: Jan 08, 2018 23:25 IST
Vinod Rajput
Vinod Rajput
Hindustan Times
The agency Curry & Brown audited accounts of 4 builders.
The agency Curry & Brown audited accounts of 4 builders. (HT FILE)

The International agency, Currie & Brown, that was appointed to conduct an audit into accounts of 14 builders, on Monday submitted its initial report about four housing projects.

The agency is expected to submit its final report about four builders very soon, officials said.

The authority had on November 8 hired the agency to audit accounts of 51 defaulter builders, who are facing charges of diversion of funds collected from the homebuyers.

In the first phase, the agency is auditing accounts of 14 builders. It will audit accounts of the remaining 37 builders in the second phase.

“The agency gave a presentation about four housing projects’ accounts: two projects of Unitech Group and one each of Aims Max Gardenia Developers Private Limited and Granite Gate Developers Private Limited. However, the agency is yet to submit its final report about the audit to ascertain who diverted the funds collected from buyers,” said Manmohan Mishra, financial controller of the Noida authority.

In the first phase, the agency had sought details from 14 builders that include Sikka Infrastructure Private Limited, Unitech Limited, Unitech Acacia Projects Private Limited, Aims Max Gardenia Developers Private Limited, Granite Gate Developers Private Limited, Omaxe Build Home Private Limited, Pebbles Prolease Private Limited, Logix City Developers Private Limited, Gardenia Aims Developers Private Limited, Supertech Limited, Three C Projects Private Limited, Red Fort Jahangir Properties Private Limited, Logix Infratech Private Limited and one more project of Unitech Limited.

Officials said it seems that one out of four builders have diverted the funds. But they will reveal the names of builder, who diverted funds only after the agency submits the final report.

“All four builders were present, when the agency gave its presentation about the builders’ accounts. The builders were also allowed to defend themselves and submit the evidence for the same,” said another Noida authority official.

On September 12, chief minister Yogi Adityanath had directed the chief executive officers of Noida, Greater Noida and Yamuna Expressway authorities to audit builders who have failed to deliver flats to homebuyers.

The directive came after homebuyers demanded an audit of the builders from whom they had purchased flats. They alleged that builders could not hand over possession because funds collected against flats were diverted to other projects.

There are a total of 94 stuck housing projects in Noida. In these projects, around 78,000 homebuyers have invested their money and have been facing various issues because builders are yet to finish these projects, officials said. The Noida authority struggles to recover around Rs11,000 crore from these 94 defaulter builders.

Box: Details that are to be checked in audit

List of flats booked and number of flats for which partial payment has been received

Name and address of each buyer who has made partial or full payment

Payment received for each flat

Payment received for each project

Tower-wise detailed status of each project

Total funds required for the project

Monthly statement showing money spent by the promoter

Authenticated documents showing availability of funds at the builder’s disposal

Authenticated five-year balance sheet of the builder

Details duly supported by the documents of available land bank and projects

Financial, technical and managerial capacity of the builder and present net worth, certified by a chartered accountant

First Published: Jan 08, 2018 23:25 IST

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