Delayed business park: Rera orders audit of Intellicity

GREATER NOIDA: The bench of Uttar Pradesh Real Estate Regulatory Authority () on Tuesday ordered a forensic audit of financial data of Airwil , a 25-acre commercial in Greater Noida. Launched in 2011, this project with shops, offices and studio apartments is nowhere near completion.
This is the Greater Noida bench’s second order for a forensic audit of a builder’s books of accounts this week.

The financial analyst for Greater Noida Industrial Development Authority, Currie and Brown, has been given the responsibility of conducting the latest forensic audit. The bench has also asked the Authority to initiate proceedings to seize the passport of the developer to prevent him from fleeing the country.

“We have ordered the audit of the company’s finances and given the Authority three weeks to submit the report,” Balwinder Kumar, member of UP-Rera, told TOI.

“The investigation would reveal the total amount of money collected by Intellicity and whether the same has been diverted. There is no record of the total money collected by the builder from the project yet,” he said. Further, the builder has been restricted from selling, leasing or handing over the property to anyone during the audit, Kumar added.

The Rera order comes in the wake of complaints by nearly 1,800 buyers who were given a deadline of three years from the launch of the project. However, no one from Intellicity was present at the hearing.

According to officials, the builder had sold the project on condition of assured return, but stopped payments to investors midway. In addition to the existing violations, the builder has not yet been able to deposit Rs 3 crore fine that was imposed on it by the district administration for illegal digging on its land.

A similar order was issued by the Greater Noida bench against another developer, Primrose Infratech, on Monday. “We will not spare any builder who is suspected of financial diversion. We will go after each of them,” Kumar said.

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