The Greater Noida Industrial Development Authority (GNIDA) has started the audit of a second lot of 25 builders and is mulling prodding developers to sell off property to complete long-delayed residential projects, newspaper reports said.

The GNIDA has already completed the audit of 25 builders involving 63,000 flats and has submitted a draft report to the Uttar Pradesh government.

The audit, being conducted by international firm Currie & Brown, has found that these builders have dues amounting to more than Rs 40 billion. Sources said these builders had been directed to draw up mitigation plans on how they planned to deliver the flats to homebuyers.

A combined report on the 50 builders is expected to be given to the state government within three weeks. In Greater Noida, more than 200,000   flats have to be delivered across 200 projects.

The officials said the second lot of 25 builders facing the audit had a total of about 18,000 flats that are yet to be delivered to buyers.

They said they are  looking at the possibility of directing builders of delayed projects to sell their unsold inventory and use the funds to complete the flats.

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