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21 Feb 2024, Edition - 3144, Wednesday

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Noida Authority With the Help of Audit Firm to Monitor Spectrum@Metro for Its Timely Completion

by businesswireindia.com

Business Wire India
Good News for Home Buyers! After so much of delay and wait finally, Home buyers in Noida and across Delhi NCR can invest in a project, being monitored by Noida Authority which will ensure timely completion and payment of all dues. For this 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 so much of cases of defaults reported in Noida and other parts of NCR, Investors and end users are staying away from any under construction project. However, now by indirect involvement of Noida Authority through a reputed Audit Firm, makes buyers confident that their money will go in safe hands and they may a get a good return on the investment that they have 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 4 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 on or before time completion of the project that will ultimately help buyers to get legal possession of their property with registry and all other formalities.
This is considered as a good step by 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 good. And now this initiative by Noida Authority will certainly change the sentiments of market and buyers will now 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.
Source: Businesswire