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Currie & Brown begins audit of 14 builders in Noida

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.

noida Updated: Nov 22, 2017 14:30 IST
Vinod Rajput
Vinod Rajput
Hindustan Times
Currie & Brown,chief minister Yogi Adityanath,CM Yogi
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.(Sunil Ghosh/HT Photo)

The Noida authority has asked 14 builders to provide all details to Currie & Brown, a private international consultancy firm which has been hired to audit builders’ accounts to check funds diversion.

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.

“We have already conducted a meeting with Currie & Brown and directed builders to provide all details needed to conduct an audit. Now, the agency will continue communications with the respective builder for the purpose of an audit,” said Alok Tandon, chief executive officer, Noida authority.

In the first phase, the agency has 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.

“In the first phase of the audit, a total of 35,907 flat across different projects will come under scrutiny. Later, the agency will audit the accounts of other developers,” Tandon said.

The agency will audit the builders on 11 points. The Yamuna Expressway Industrial Development Authority has formed a committee to audit the builders’ accounts. Greater Noida authority, on the other hand, has also hired the Currie & Brown to do the job.

The authority has given 45 days to the agency to finish the audit.

There are 94 stuck housing projects in Noida and around 78,000 homebuyers are unable to get possession of their flats due to the builders’ failure to complete the projects.

The Noida authority is struggling to recover around Rs 11,000 crore in land dues from 94 builders.

These builders got the land allotted against an agreement to make payments on an instalment basis. They were to pay 10% of the total land cost at the time of allotment and the remaining 90% in instalments.

First Published: Nov 21, 2017 23:13 IST