The Greater Noida bench of UPRERA [Uttar Pradesh Real Estate Regulatory Authority] recently ordered a forensic audit against Concept Horizon Infra Pvt Ltd. The developer failed to offer possession of residential units of the mix-land development project to the homebuyers.
The project named Orizzonte is located in Knowledge Park 3 and approximately 40 homebuyers alias investors in this project filed a complaint against Horizon Infra Pvt Ltd. in UP-RERA.
The Greater Noida bench of UPRERA directed this action after the developer failed to give reasons for not paying assured returns to the investors and how the construction of this stalled project will complete. This mix-land project is stuck mid-way for more than two years.
Balwinder Kumar, a UPRERA member said that the authority has asked financial analysts, Currie & Brown, to carry out an audit on where did the money of investors went as the developer is no state to complete the project.
In November 2018, the officials of UPRERA [Uttar Pradesh Real Estate Regulatory Authority] Greater Noida bench examined the progress report of 7,240 flats that are being developed by eight builders. The officials informed that this review exercise was carried out to monitor the progress of projects that are already running behind their date of completion and possession.
A member of UPRERA had said that the developers were directed to fasten the construction work as the projects are already delayed. The member also said that this will be a continuous process so that authority can keep a tab on the projects that are lagging behind the date of completion.