Noida News: In what could be termed as a big relief for all the people who have invested their Hard earned money with the intention of having their own house and their money is stuck either with the builder or with the authorities and have lost hope of getting the money back, all these people might hear some good news about getting back their invested money. The Noida Authority CEO is planning to list down all the defaulter Builders who have made loads of money on the pretext of giving flats to the buyers but had done nothing.
Defaulters will have to pay fine of 26000 Rupees
The Defaulters will have to repay a fine of over 26 thousand crores, or else they should be ready to face legal action. It has been decided to hear the grievances of all the Home Buyers who have invested money in buying Homes or Properties from these builders but they never heard from them ever again. The authority has taken 4 important decisions to solve the situation. All those Builders and companies who have promised people on the name of Housing Societies and acquired land will be charged with penalty and Recovery Certificates will be issued against their name in the authority.
Builders will be dealt strictly
The authority will put up advertisements in the Newspapers against these builders so that they will not be able to trap anymore buyers in their schemes. The authority must address the concerns of the residents and Apartment Owners Association. New Buildings must have Apartment Associations to hear their issues. All Builders must open Escrow Account or else they should be ready to face action.
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