These accounts will be jointly operated by the builders and the Authority and will make it difficult for builders to divert funds to other projects or means.
Builders said the registration of flats has been delayed due to a variety of issues, such as pending payments from homebuyers, some homebuyers living abroad, NOCs from banks not having come in, and some flats remaining unsold.
Officials said the proposal did not receive a single application from developers because of the scheme’s strict eligibility conditions, which precluded the involvement of developers who had any dues with the three development authorities in Gautam Budh Nagar district.
Scope exists for reducing Rs 6,000 crore to Rs 7,000 crore of total dues outstanding from developers, who will be able to pay the remaining amount, CREDAI chairman Manoj Gaur
A fire broke out inside an apartment on Friday in a housing society in Noida, suspected to have been triggered from a prayer lamp lit in the flat's balcony, officials said. The fire was reported around 12.20 pm from the second-floor flat of the Shiv Shakti society in Sector 71, Chief Fire Officer (CFO) Pradeep Choubey said., Delhi News, Times Now