Properties for sale in Noida by ACE Group

Those living in high-rises of Noida have a reason to cheer. Soon, property owners in high-rises will get individual electricity connections. Currently, power connections are provided to the developer of a project by Paschimanchal Vidyut Vitran Nigam Limited (PVVNL). In case the builder fails to pay the power bill within the set timelines, flat owners end up paying a penalty, or losing supply, in the worst case scenario.

It was in 1993 when Noida was declared a no-power-cut zone. Two-and-a-half decade later, those living in the city end up witnessing regular power outages that may run as long as eight hours. Now, all the wires are going underground in Noida, something that would limit the scope of power cuts to almost nil.

As concerns on rising pollution levels in the periphery deepened, the Union environment ministry asked authorities in the NCR to follow construction norms. However, it is found that government agencies themselves are failing to do that.

In Noida, the period between 2011 and 2012 was declared a zero-interest period. During the zero-interest period, when construction was hit because of farmer protests, builders were not required to pay interest on land dues. After great deliberation and study, the move was launched. Now, authorities suspect developers of misusing the benefit offered to them.

In an audit of 28 builder accounts by the Yamuna Expressway Industrial Development Authority (Yeida), two parties have been found guilty of diverting funds collected form homebuyers. The two developers who have been found to be diverting funds are SDS Infracon and Green Bay Infrastructure. While SDS Infracon is accused of diverting Rs 182.44 crore it collected from homebuyers, Green Bay misused Rs 173.10 crore collected from the same source.