The three industrial development authorities of the region — Noida, Greater Noida and Yamuna Expressway — have cancelled at-least six realty projects while uncertainty looms large over the remaining as well.
The reason behind the action over the projects is forgery or irregularity by the real estate giant. Experts have claimed that the builder has done forgery in almost all the projects and is playing with the hard-earned money of investors who have invested in projects during the past six years.
The first fiasco witnessed in 2014 when Supertech’s Emerald Court project in Noida’s Sector 93 came under the hammer of Allahabad High Court. The realtor moved Supreme Court but failed to get respite. Another setback came in the same year when the Greater Noida Industrial Development Authority announced sealing 1,009 flats of Supertech’s Czar Project due to violation of rules.
The realty giant’s Eco Village-I, II, III and IV projects in Greater Noida West, formerly known as Noida Extension, also received jolts when the authority stayed all these projects leaving nearly 25,000 flat buyers in the lurch. The builder reportedly cleared Eco Village-I projects but it is yet to get the go ahead on remaining three.
In the latest addition to its troubles, the Yamuna Authority has canceled 100-acre township project — Upcountry — after it came to light that the builder had got a revised plan sanctioned on the basis of a forged letter.
The decision has not only landed thousands of buyers of this project in trouble but pointed fingers over irregularities done by realtors in the region as nearly seven lakh flat buyers cum investors who mainly come from lower-middle class strata have invested their money in more than 400 projects in both the cities.
A detailed investigation by Millennium Post revealed that irregularities have been committed in almost all the projects of NCR’s biggest real estate player. During investigation, it has been found that the realtor submitted a forged affidavit to the Greater Noida Authority on behalf of 25,000 buyers of Eco Village to increase FAR.
With permission that was reportedly procured on forged affidavit increased FAR from 2.75 to 3.5 and at least 25 per cent extra flats were constructed.
“The realtor had permission to construct less than 20,000 flats in all four projects but it constructed nearly 25,000 claiming to have NOCs from existing buyers/investors. When a deluge of complaints highlighted the irregularity, the concerned authority stayed all these projects,” said Indrish Gupta, founder member of Noida Extension Flat Owners’ Assotion (NEFOWA).
Supertech’s Czar in Sector Omnicron-1, Greater Noida, also has a similar story as its illegal expansion has already been reported. The builder had got approval for a total of 834 units for the project but it constructed 1,853 flat units instead in 20 acres township. The existing buyers had raised their concerns and the action was initiated and till date there is uncertainty over
the project.
In Noida’s Emerald Court project, the realtor allegedly constructed 21-storeyed towers while it had permission to construct 12-storeyed towers. The investors and the Noida Authority were kept in the dark before and after erecting the illegal structures.