Millennium Post

To protect home buyer's money, separate account to be created

Gurugram: To make sure that the buyer's money is protected and is not exploited by the builder, a separate account will be created and will not be utilised in other projects as instructed by Department of Town and Country Planning (DTCP).

It has also been stated that for drawing the money, there have to be designated signatories.

Also in case of fraud, the bank officials will be held equally liable. It is estimated that the Rs 10,160 crores are pending by the builders who have not been able to complete their projects on time.

Now the DTCP is preparing the list of builders so that cash in on their bank guarantee that is estimated to be of Rs 1,627 crore.

The enforcement directorate of Gurugram has already described the owner of Universal builders as an absconder. It was found that Rs 300 crores of homebuyers are struck in a residential project in Gurugram's Sector-82 named Aura.

The project that was started in 2010 was stopped in 2015. In effect over 500 homebuyers who invested in the project have alleged that the builders have amassed over Rs 300 crore in the amount that have not been refunded.

To prevent a situation wherein the builders who have defaulted on the payments, the DTCP had begun the process of making a note of these builders.

Significant information that includes detail of aadhar and PAN card, passport are being obtained to prevent any eventualities of builders leaving the country. A recent RTI HAD revealed that in just year that is from March 2017 to March 2018 the pending External Development Charges have increased from Rs 13,855 crore to Rs 15,250 crore.

Most of the new projects in Gurugram lack proper roads, power connections, and sewage facilities.

The main reason cited for lack of social infrastructure is the huge EDC amount that is unaccounted for.

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