Homebuyers’ money diverted to buy luxury cars
More revelations are tumbling down following audit of some major Greater Noida builders. The scams included diversion of   homebuyers’ money to buy expensive cars. The audits, which have been commissioned to look into reasons for the delay in handover of…

More revelations are tumbling down following audit of some major Greater Noida builders. The scams included diversion of   homebuyers’ money to buy expensive cars.

The audits, which have been commissioned to look into reasons for the delay in handover of flats to homebuyers, have revealed that at least five realtors who are building group housing projects in Greater Noida have used the money collected from homebuyers to buy expensive luxury cars.

This is one of the findings of the first audit, which scanned 25 real estate companies in the city, officials of the Greater Noida Industrial Development Authority (GNIDA) said.

Another 25 are being currently audited and a composite report will be sent to the state government.

GNIDA officials said they can make the report public only after it is finalised and submitted to the government.

In the Greater Noida, about 133,000 flats are stuck across 104 housing projects, an official said adding that if builders have used the money deposited by homebuyers wrongly or for their own personal use and have thus been unable to deliver flats, action will be taken.

Criminal or civil action is on the cards for builders on a case-to-case basis depending on the facts and findings of the audit reports in the three areas of Noida, Greater Noida and Yamuna Expressway.

A financial and physical audit of builder projects in Noida and Greater Noida has been carried out by international firm Currie & Brown. So far a total of 62 builders’ accounts have been audited in the three areas in the first phase of the exercise.

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