Hand In Glove
A report by the Comptroller and Auditor General (CAG) of India has been tabled in the Uttar Pradesh assembly and it points to huge revenue losses to the government because of some shady looking land deals in Noida.
But wait did you know that NOIDA is actually an acronym? It stands for New Okhla Industrial Development Authority.
However, between FY2006 and FY2018, the CAG found that land use in the area has not lived up to its name. In fact, more than half the land in Noida ended up being allotted to residential developers and not industrial.
In the land acquisition process undertaken for this, farmers were apparently unfairly treated and this shows "serious lapses of probity, integrity and ethics in the governance of the Authority” as per the CAG.
For residential land, apparently, the authority did not take any action against builders like Amrapali and Unitech who owed huge amounts of money to them, and instead actually allotted them multiple lots for future development as well. As a result, 44% of the flats under construction have not been completed and people's hard-earned life savings are stuck in these projects.
For the commercial land, the CAG audit found that 3 groups were heavily favoured - 80% of total land allotments were to Wave, Three C and Logix Groups. The report says that “despite repeated violations and outstanding dues of Rs 14,958.45 crore, Noida failed to take action against these groups, enabling them to hold majority of commercial land".
There was also a 'sports city' proposed for Noida back in 2007, but that has still not been completed, with everyone focusing more on housing development. This alone has caused a Rs 9,000 crore loss to the exchequer says the CAG report.
Well, the fact that many housing projects in Noida were stuck was well known. Government-run NBCC has been tasked with completing the construction of some of these so that people can get their homes which they've paid for.