CAG Report on Wave ,Logix and 3C
CAG Report on violations of Wave , Logix and 3C Group
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| CAG Report on Noida Real Estate |
The Major Commercial land allotments in Noida made between year 2005-2018 , 80% of total commercial land alloted to three groups naming Wave, Logix and 3C group by Noida Authority. Most of the projects installed on these land were incomplete and buyers are still waiting for the possession of their flats.
According to CAG report, Wave was allotted 6.63 lakh square metres between 2008 and 2010, Logix 10.76 lakh sqm between 2010 and 2011 and 3C 21.71 lakh sq metres between 2010 and 2014.
Against allotments of Rs 15,694 crore, the dues stood at Rs 14,958.45 crore on March 31, 2020.
Out of the 1,30,000 flats sanctioned, Occupancy Certificate was not issued for 44% of flats, due to which homebuyers have not got possession who booked their flats a decade ago and still waiting for possession of their property .
The CAG report said the recovery of dues has now become more challenging due to legal hurdles on account of third party rights being created by these developers and sold land to other companies or tie-ups in projects
It was launched without proper approvals and in deviation from its primary mandate of the development of an industrial township.The allotment was made with the aim of holding marquee sports events like the National Games, Commonwealth Games and Asiad Games..The CAG audit found that Noida allotted four plots during 2011-16 for the integrated development of four sports cities.
Three golf courses of nine holes each and one International Cricket Stadium were planned.It was later discovered that the 65-acre golf course establishment was not possible, while there were no signs of the cricket stadium.
The audit found that instead of sports activities, precedence was given to housing projects in the area.
