UP-RERA issues show-cause notices to 12 Noida builders for fund diversion

The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) on Wednesday issued show-cause notices to as many as 12 developers who have been found to have diverted homebuyers’ money meant for completion of their housing projects in Noida and Greater Noida. C&B had over the past three months investigated a total of 96 builders — 48 in Noida and another 48 in Greater Noida — for financial default. The analyst submitted its report to UP-Rera last month. Officials said UP-Rera will decide on de-registering the projects of these builders to retrieve land or appointing third party developers to carry out the pending construction work once they submit their responses to the show-cause notices. We have asked for full financial disclosure from these 12 builders. Once the responses come, we will categorise these builders on the basis of their merit to complete the pending projects, UP-Rera member Balwinder Kumar said.

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