Now, display boards on site to reveal all about the developers The Greater Noida authority will now show the financial details of developers and the details of their project on boards at the site of construction for every project. This decision has taken by officials since they have ended uploading details of defaulting contractors on their site.
Deepak Agarwal, the CEO of Greater Noida authority explains that uploading the names of defaulters on the website has led to creating negative sentiments. Due to this, banks had stopped paying the developers. The buyers have also stopped paying as they fear a loss in their investment. Such acts are affecting the projects along with the buyers because the project gets stuck. Therefore, to help the developers deliver homes to buyers on time, new initiatives looked upon to revive them.
The officials have confirmed that the on-site display board will show all the information related to project, like total units, project size, map approval details, completion time, the background of a builder and financial details.
Arvind Mohan Singh, the financial controller of the Greater Noida authority says that to revoke the faith in buyers for realtors, escrow accounts has opened. The realtor’s won’t able to use the funds for any other aim and will only be allowed to use the money for a specific project only. The bank, the realtor and the authority will have the decree to run this account.
Abhishek Kumar, the president of Noida extension flat owners welfare association (NEFOWA) has said that only two realtors have opened such accounts in Greater Noida. Also, expected that the authority won’t take much time in getting the display boards installed at construction sites.