Find out financial health of Noida builders as per Authority’s audit
Noida Authority had conducted an independent audit of 51 identified builders based on feedback from the home buyers that the builders had diverted the money meant for construction of their houses to other businesses.. The audit of accounts to find out financial health of Noida Builders (vis-a-vis cost involved in completion of a project) was done by Currie & Brown and was completed last month. As part of the audit, agency had audited builder accounts to find out money invested by homebuyers, money left in builder’s account, money infused in project’s development and money required for completion of project. Based on the audit, it was found out that 18 out of 51 builders have either diverted the money or are in rather poor financial health.
The Authority surprisingly hasn’t yet made public the list of these 18 risky builders. But it has categorically stated that prospective homebuyers should contemplate investing in only the remaining 33 projects out of 51 builders audited. It has further categorized these 33 projects to enable buyers to better understand their financial health and historical handling of homebuyer’s money. The projects have been categorized into A+ to C+ category where A+ implies a good financial condition. Total number of Sanctioned Units in all these 33 Projects are 44,829. Please find below the categorization of financial health of Noida builders (33 out of 51 made public):
| S.No. | Builder | Project | Sector | Sanctioned Units | Project Category |
|---|---|---|---|---|---|
| 1 | Maxblis Construction Pvt. Ltd. | GH-17 (Eco City) | 75 | 608 | A+ |
| 2 | Valuent Infradevelopers Pvt. Ltd. | GH-16 (Eco City) | 75 | 548 | A+ |
| 3 | G.S.Promoters Private Limited Sub Divided on dt. 28.05.2010 | Sub Devided Plot GH-01/C | 78 | 633 | A+ |
| 4 | MPG Realty Pvt. Ltd. (SPC) Sub Diveded On dt. 26.03.2010 | Sub Devided Plot GH-07/B | 137 | 1145 | A |
| 5 | Antriksh Developers & Promoters Private Limited | Sub Devided Plot GH-05/A | 78 | 1568 | A |
| 6 | Logix Infrastructure Pvt. Ltd. | GH-02 | 137 | 3188 | A |
| 7 | Divines India Infrastructure P Ltd. | GH-004 | 108 | 464 | A |
| 8 | I.V.County Infrastructure and Project Limited | GH-005 | 121 | 2907 | A |
| 9 | Cloud9 Projects Private Limited | GH-002 | 100 | 606 | A |
| 10 | Ambience Projects & Infrastructure Ltd. | F-033 | 50 | 270 | A |
| 11 | E-Homes Infrastructure Pvt. Ltd. | GH-14 (Eco City) | 75 | 770 | A |
| 12 | Opulent Infradevelopers Pvt. Ltd. | Sub Devided Plot GH-01/B | 168 | 670 | A |
| 13 | Hacienda Projects Pvt. Ltd. Sub Divided on dt. 02.02.2012 | Sub Divided Plot GH-01/A (Beta -1) | 107 | 336 | A |
| 14 | Nexgen Infracon Private Limited | Sub Divided Plot GH-01/A | 78 | 718 | A |
| 15 | IVRCL Infrastructure And Project Limited | GH-002 | 119 | 2172 | A |
| 16 | Laureate Buildwell Pvt. Ltd. | GH-01, 02 &03 | 108 | 764 | A |
| 17 | Sunworlds Developers Pvt. Ltd. Sub Divided on dt. 31.03.2010 | Sub Devided Plot GH-01/B | 107 | 720 | A |
| 18 | Perfect Prop Build (P) Ltd. Sub Divided on dt. 30.06.2010 | Sub Devided Plot GH-03/B | 77 | 1301 | B+ |
| 19 | M/S Supertech Ltd | GH-01A | 74 | 8057 | B+ |
| 20 | Prateek Infraprojects India Pvt. Ltd. Sub Divided on dt. | Sub Divided Plot GH-01/A (Beta -2) | 107 | 426 | B+ |
| 21 | Three C Estates Pvt. Ltd. (Gulshan Ikebana) | Sub Devided Plot GH-03/A | 143 | 1438 | B+ |
| 22 | Ajnara India Ltd., Divided on Dt. 29.09.2010 | Sub Devided Plot GH-01/B | 74 | 1745 | B+ |
| 23 | Indosam Infra Pvt. Ltd. | GH-05 (Eco City) | 75 | 434 | B |
| 24 | Gardenia India Ltd. | GH-09 (Eco City) | 75 | 546 | B |
| 25 | Today Homes Noida Pvt. Ltd. | GH-01 | 135 | 1749 | B |
| 26 | Sunworld Residency Pvt. Ltd. (Formely known as M/s.) | Sub Divided Plot GH-01/C | 168 | 972 | B |
| 27 | Paramount Towers Private Limited | GH-06 | 137 | 1521 | B |
| 28 | Kindle Infraheights Pvt. Ltd. | GH-03/B | 143 | 1614 | C+ |
| 29 | M/S AIMS MAX Gardenia Developers Pvt. Ltd | Eco City | 75 | 2667 | C+ |
| 30 | Three Platinum Softech Pvt. Ltd. Sub Divided on dt. 31.03.2010 | Sub Divided Plot GH-01/C | 107 | 759 | C+ |
| 31 | AVP Buildtech Pvt. Ltd. Sub Dived on dt. 30.06.2010 | Sub Divided Plot GH-03/C | 77 | 496 | C+ |
| 32 | Futec Shelters Pvt. Ltd. | GH-10 (Eco City) | 75 | 566 | C+ |
| 33 | PAN Realtors Pvt. Ltd | GH-01 | 70 | 2451 | C+ |
When we discussed this categorization with existing homebuyers of some of these projects, they showed their displeasure to the audit. As per some of them, if the conditions of the builders listed is as per categorization, why is work at almost standstill in their projects. They hope that authority will direct such builders to immediately infuse money into the projects for brisk completion of the same.
Source: http://www.noidaauthorityonline.com/BUILDER_PROJECT_HEALTH_JUN18.pdf
Do you agree with the categorization done as per audit or do you feel its fabricated? Comments invited.
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Last Updated on June 8, 2018 by Go4Reviews
Great sharing. I love it!
Thanks for sharing such a fantastic blog and awesome pictures.
The authority report looks bogus.