GREATER NOIDA: Two builders have been booked on Wednesday for diverting funds after a criticism used to be filed at Kasna police station by Yamuna Authority following an inspection. The case used to be registered towards Greenway Infrastructure Pvt Ltd and SDS Infracon Pvt Ltd.
According to YEIDA inspector Gajendra Singh, Greenway used to be given a 101-acre land, while SDS Infracon used to be given 124-acre land to broaden housing societies in Greater Noida the place various other folks had invested for the impending assets.
Later, the Authority started receiving proceedings from homebuyers about slow undertaking paintings. YEIDA shaped an audit committee which conducted an on-the-spot inspection of the 2 initiatives and located them at fault.“The audit group found that Greenway had won Rs 173.10 crore from its buyers. However, the quantity used to be diverted to 2 different firms,” the FIR learn.
YEIDA CEO Arun Vir Singh said that the developer used to be requested to open an escrow account inside of a month and to keep money in that account. “The developer failed to open such an account. The Greenway also failed to make installment bills for the land allotted to it from YEIDA. The corporate control unnoticed a number of notices served to it by the Authority and it used to be declared a defaulter,” Singh said.
The committee found that SDS Infracon had won Rs 182.44 crore from buyers. The developer said that it had diverted the quantity to a few different firms. This developer too didn't open an escrow account as directed by the Authority. The developer’s 5 installments for land allotment to Authority amounts to Rs 379.84 crore, which remains due.
Two separate FIRs have been registered.
According to YEIDA inspector Gajendra Singh, Greenway used to be given a 101-acre land, while SDS Infracon used to be given 124-acre land to broaden housing societies in Greater Noida the place various other folks had invested for the impending assets.
Later, the Authority started receiving proceedings from homebuyers about slow undertaking paintings. YEIDA shaped an audit committee which conducted an on-the-spot inspection of the 2 initiatives and located them at fault.“The audit group found that Greenway had won Rs 173.10 crore from its buyers. However, the quantity used to be diverted to 2 different firms,” the FIR learn.
YEIDA CEO Arun Vir Singh said that the developer used to be requested to open an escrow account inside of a month and to keep money in that account. “The developer failed to open such an account. The Greenway also failed to make installment bills for the land allotted to it from YEIDA. The corporate control unnoticed a number of notices served to it by the Authority and it used to be declared a defaulter,” Singh said.
The committee found that SDS Infracon had won Rs 182.44 crore from buyers. The developer said that it had diverted the quantity to a few different firms. This developer too didn't open an escrow account as directed by the Authority. The developer’s 5 installments for land allotment to Authority amounts to Rs 379.84 crore, which remains due.
Two separate FIRs have been registered.
2 developers divert housing project funds, booked
![2 developers divert housing project funds, booked]()
Reviewed by Kailash
on
June 28, 2018
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