Buyers demand UPRERA to make escrow accounts details public

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In a letter written to the Greater Noida Industrial Development Authority (GNIDA) and Uttar Pradesh Real Estate Regulatory Authority (UPRERA), homebuyers have urged to furnish the names of the developers in the public domain who have opened escrow accounts along with the details of the funds deposited by homebuyers. The decision comes following presumptions that most of the developers are yet to initiate the process to safeguard the rights of homebuyers.

The Noida Extension Flat Owners Welfare Association (NEFOWA) has claimed that in the last few months, several homebuyers have complained about the delay in completion of projects due to the diversion of funds by the builder. Shweta Bharati, General Secretary, NEFOWA, has said that more than 60 real estate projects where homebuyers have made payments to the developer have been stalled. These projects have also missed the completion deadline set by UPRERA. The association has requested the regulatory body to update the status of funds with the developers.

According to UPRERA, more than 700 developers in Noida and Greater Noida region have breached the completion deadline. Further, in the next three months, over 100 developers are anticipated to miss the same. The idea behind NEFOWA seeking information from the regulatory body is that they want to ascertain that the homebuyers’ funds are protected.

The GNIDA is currently considering the homebuyers request on this matter.


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