Noida authority, in charge of the development and maintenance of Delhi satellite city, has asked 14 builders to open Escrow accounts for all the delayed projects, or they will face severe actions.
14 real estate builders who have not opened Escrow Accounts will have two days to do the same. If they fail to do this within the timeframe, the builders will face recovery certificates as the Noida Authority will take action against them. This is done to recover the dues pending with the builders.
Of the 14 developers, only six came up with escrow accounts with the Noida authority. According to several officials, just two months back, 59 real estate developers owed the Noida Authority an amount of Rs 7,000 crore.
The CEO of Noida Authority, Lokesh M, said, “We are trying to find solutions to builder-buyer issues”. Later, he also updated about the other upcoming projects in the city, “The authority is in touch with the state government to bring in electric buses for starting the city bus services”.