Developers absconding, YEIDA sends duo notice to recover Rs 700 crore

  • | Wednesday | 19th September, 2018

In December 2017, the Authority conducted an audit of the two developers’ projects and found that SDS Infracon had received Rs 182.44 crore while Greenways Infrastructure had received Rs 173.10 crore investment from homebuyers. GREATER NOIDA: The Yamuna Expressway Industrial Development Authority ( YEIDA ) has issued revenue certificates against two developers for diverting homebuyers’ money to another projects. Both the developers are absconding from the city.Arunveer Singh, CEO of YEIDA, said the Authority had made plot allotment to these two developers for group housing societies. The two developers were then asked to make escrow account for the management of the project amount, which they ignored. The developers advertised the projects and received investment from several buyers.

GREATER NOIDA: The Yamuna Expressway Industrial Development Authority ( YEIDA ) has issued revenue certificates against two developers for diverting homebuyers’ money to another projects. Issuing of revenue certificates would entitle the district administration to force the defaulters to pay the dues.While the developer of Greenways Infrastructure Pvt Ltd owes Rs 400 crore, another developer of SDS Infracon Pvt Ltd owes Rs 280 crore in dues. Both the developers are absconding from the city.Arunveer Singh, CEO of YEIDA, said the Authority had made plot allotment to these two developers for group housing societies. The developers advertised the projects and received investment from several buyers. However, they did not develop the project and diverted the funds to other projects.YEIDA soon started receiving complaints from several buyers. In December 2017, the Authority conducted an audit of the two developers’ projects and found that SDS Infracon had received Rs 182.44 crore while Greenways Infrastructure had received Rs 173.10 crore investment from homebuyers. The two developers were then asked to make escrow account for the management of the project amount, which they ignored. They also did not pay the land allotment instalment to YEIDA.In July, the Authority had filed a case against the two developers at Kasna police station, which were booked them under sections 420 (cheating), 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 467 (forgery of valuable security) and 468 (forgery for purpose of cheating) of the IPC and sections 74 and 75 of the Companies Act, 2013.Now, the district administration will issue notices to the developers about clearing the dues on drum beats. If they fail to do so, non-bailable warrant will be issued against the developers.The administration may also attach their properties and auction them to recover the dues.

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