2 builders face action for diverting Rs 355 crore

Nearly three weeks after the Yamuna Expressway Industrial Development Authority (YEIDA) issued notices to eight builders for allegedly diverting Rs 840 crore meant for completing housing units in its area, the authority has ordered action against at least two builders.

While one of the builders has been directed not to sell any more units in its project, another builder’s temporary completion certificate has been cancelled. Both builders together have alleged to have diverted funds to the tune of Rs 355 crore. The move follows audit of accounts of 28 builder projects involving nearly 13,000 flats and plots in YEIDA.

YEIDA chairman Prabhat Kumar, who is also the divisional commissioner, on Monday said they would soon issue a notice for cancellation of the project by SDS Infracon Pvt Ltd in Sector 26A of YEIDA. “We had given the builder six months to complete the project after taking nod from the YEIDA board, which has not been done,” said Arun Vir Singh, CEO, YEIDA. Both builders could not be contacted despite repeated attempts.