Noida authority hires multinational firm to audit realty developers

The Noida authority has selected a private agency to audit accounts of 25 realty developers who have failed to deliver flats to homebuyers claiming financial constraints.

Atal Kumar Rai, additional chief executive officer of the Noida authority talking to media said, “The hired agency has to audit the builders within 50 days. A global tender was floated and a multinational agency was selected for conducting the audit.”

He added, “The audit will identify the builders, who have diverted their funds in other projects. If the developers are found of diverting funds, the government will book the builders as per law.”

The Uttar Pradesh Chief Minister Yogi Adityanath on September 12 had directed the chief executive officers of Noida, greater Noida and Yamuna Expressway to audit builders who have failed to deliver flats to homebuyers on time.

The Uttar Pradesh CM gave the directives after homebuyers demanded audit of realty developers after they failed to deliver flats accusing them of diverting collected funds in different projects.

The Noida authority, eight days after the directive had started the selecting process of hiring a private agency for auditing. According to officials of Noida authority, in 25 projects around 36,000 flats were undelivered due to financial crisis.