Noida's real estate projects are a messy collage of unfinished images, with errant practices leaving thousands of families sucking their thumbs after parting with their hard earned money.
Two-thirds Of Housing Projects In Limbo
Per this report, the Comptroller and Auditor General (CAG) of India has found that 63% of the group housing projects allotted by the Noida authority are incomplete.
Between 2005 and 2018, Noida allotted 67 group housing plots measuring 71.03 lakh sq. m. which were sub-divided into 113 plots by the allottees. Out of these 113 projects, 71 projects remain incomplete.
Unit wise, of the 1,30,005 apartments sanctioned, Occupancy Certificate was not issued for 44% of them, barring homebuyers from taking possession.
Messy Allotment
The report also highlighted gross errors in the developer selection and allotment process.
😳 Sample this - In two cases, allotment of more than 200,000 sq. m., worth INR 471.57 crore, was made to firms who failed to qualify the minimum eligibility requirement.
And, wipe your sweat because 10 firms were allowed to use their net worth up to a maximum of 2.29 times to bag 26 parcels of land worth INR 4,293.35 crore.
Not Just Residential
Of the total 48,98,440 sq. m. of area allotted in the commercial plots category between 2005 and 2018, 79.83% area was allotted to just three entities - Wave, Three C and Logix Groups.
What Now?
Prayers, perhaps.
