A nexus between the land promoters, builders and officials in the Noida Authority has caused government losses to the tune of Rs 55,000 crores, the latest Comptroller and Auditor General (CAG) report says.
The rot runs so deep that now flat buyers are being forced to bear the brunt. This information has been fully disclosed in a 2021 report by the CAG. The Land Acquisition and Allotment of Properties report has revealed that there are umpteen errors in the process of allotment of land by the Noida Authority to private builders between 2005 and 2014.
The audit report says that the rules were twisted and bent in such a way that the private builders and the officials of the Noida Authority benefitted greatly. Private builders benefited a lot from this entire nexus, while the government and potential flat owners suffered tremendous financial losses. Between 2005 and 2018, 80 percent of all the commercial plots in the city were allotted to just three builders, the ones who built the Logix, Wave and the 3C malls. This raises a lot of questions.
According to estimates, the builders owe Rs 18,633 crore to the government. But the authorities are yet to take any action against them. Out of the allotment of residential plots, 63 percent of the builders did not complete their projects. People who booked flats in these projects could not get the apartments of their choosing. Out of 113 residential projects in Noida, 71 projects are lying incomplete.
Of the plots allotted for industrial purposes, only 18 percent were worked on. Many of the builders who got allotted the projects were not in a good financial condition at the time of allotment.
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