Good News for Home Buyers! After so much of delay and wait, finally, home buyers in Noida and Delhi NCR can invest in a project, that is being monitored by Noida Authority to ensure timely completion and payment of dues.
Noida Authority has appointed International Audit Firm Currie & Brown as the financial auditor cum monitoring agency for Commercial Project 'Spectrum@Metro' which is being constructed at Sector 75 of Noida.
Owing to the current market scenario and after many cases of defaults reported in Noida and other parts of NCR, investors and end users have started staying away from any under-construction project.
However, now by the involvement of Noida Authority through a reputed audit firm, buyers can feel confident that their money will be in safe hands and they may get a good return on the investment made for purchasing property in Spectrum@Metro. As far audit done by Currie & Brown in this project, it has already given a positive picture ensuring a profit of Rs 500 Crore after completion, payment of land dues of other projects of the same group in Sector 75.
As per the agreement, any payment given by the buyers will go into an escrow account from where it will be divided in a ratio of 60:40 between developer and authority. Currie & Brown has appointed four of its auditors to keep a tab on the payments received, payment of dues, quality and speed of construction. This whole exercise will result in timely completion of the project that will ultimately help buyers to get legal possession of their property with the registry and all other formalities.
The step is being considered good by the buyers and developers as earlier the developers with an intention to complete their projects were unnecessarily burdened with the negative sentiments created due to default of a few builders. Moreover, even basis various reports including Knight Frank, CBRE, Colliers, the commercial market is performing well. And now this initiative by Noida Authority is expected to change the sentiments of market and buyers can move in for buying under construction properties that give them a unique chance to buy inventories of their choice.
Spectrum@Metro is located in Sector 75 with 1 kilometre of front which makes it the biggest high street of Noida and among the biggest in Delhi NCR. With Metro line passing adjacent to the mall and its close vicinity with other big projects, hospital - Medanta -- will make it a perfect location high street. With around 20k people already living in the vicinity, the location of the high street commercial aspires to duplicate the number in near future. With work going on fast pace and making it a win-win position for stakeholders including developer, Buyers and Noida Authority, the project will get its due credit.
Disclaimer: No Business Standard Journalist was involved in creation of this content
