Noida authority approaches Delhi EOW against two more builders over Rs 825 crore dues
NOIDA: Noida Authority has filed a complaint with Delhi Police's economic offences wing (EOW) against developers Shubhkamna Buildtech and IVR Prime Developers for failing to pay dues and diverting funds collected from the sale of flats.
Accusing the promoters — Shubhkamna Buildtech and IVR Prime Developers — of misappropriating funds collected from the sale of apartments but not paying up their dues, Noida Authority argued that it not only caused big financial losses but also left homebuyers in distress.
Noida Authority CEO Lokesh M said Shubhkamna promoters Mukesh Khurana, Diwakar Sharma, Kamal Singh Rothan, Harish Kumar and Piyush Tiwari created third-party rights by selling flats at their group housing project Shubhkamna Tech Homes in Sector 137 but diverted the funds without clearing its land dues exceed Rs 165 crore, even as no occupancy certificate has been issued for the Rs 692 flats.
Subsequently, a complaint was filed with the EOW on Tuesday, seeking an investigation into the discrepancies.
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