(FE)
The Uttar Pradesh government has ordered an inquiry into the financial details of Amrapali group, senior state government officials said. “We have asked the Greater Noida Authority to conduct an official inquiry into the financial status of Amrapali group. The government will take every possible measure to solve the issues of the distressed home buyers,” a senior government official said. “The authorities have been asked to use every possible law and provisions to ensure relief to buyers,” the official added.Home buyers have been suffering for the last three to eight years due to late delivery of flats in housing projects and had urged the state government to order a forensic audit of each builders’ accounts. A forensic audit is an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court. The objective of the audit is to ascertain whether the builder diverted the funds collected from buyers to other housing projects/businesses.
The Real Estate Regulatory Authority has powers to do forensic audit, however, Uttar Pradesh is yet to have a proper body and office-bearers to carry out its job. The interim authority has asked the CEO of Greater Noida Authority to undertake an inquiry into the financial matters of the group, the official said. “We are trying every possible measure to help the distressed home buyers. From our end, we have also asked the interim RERA authority to book Amrapali group under the RERA Act,” a senior official with the authority said. The Real Estate (Regulation and Development) Act was constituted to improve transparency in the real estate sector and protect the interest of home buyers. According to the Act, each state and Union Territory will have its own regulator and set of rules to govern the functioning of the regulators.
