UP CM Yogi Adityanath led state government is likely to take legal action against developers who have diverted funds collected from buyers.
Now, here is some good news for Greater Noida home buyers. UP CM Yogi Adityanath led state government is likely to take legal action against developers who have diverted funds collected from buyers. According to FE bureau, a senior official at the Greater Noida Authority has confirmed that UP CM has directed to address issues of home buyer and those developers who have diverted funds collected from buyers will face legal action.
Reportedly, the authority is likely to hire a private agency to find out whether builders have diverted funds and the reasons for delay. “If survey finds out builders are guilty, then law will take its own course,” the official said, adding that buyers have accused builders of diverting funds collected from them.
Currently, about 203 housing projects are being constructed in Greater Noida.
Recently, insolvency proceedings have been initiated against Jaypee Infratech’s 27 housing projects for defaulting on approximately Rs 526-crore of loans. The National Company Law Tribunal has also admitted an insolvency plea from Bank of Baroda against Amrapali Group’s firms, Ultra Homes, Silicon City and Amrapali Infra, which have projects in Noida as well. The move has triggered panic among home buyers, who fear they will lose the money paid upfront and not get the promised homes.