Noida Authority to monitor delayed projects
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Noida Authority to monitor delayed projects

The Authority has invited an Expression of Interest (EOI) from agencies capable of monitoring such projects.

Noida Authority to monitor delayed projects

To tighten the noose on those builders who have sold flats but have defaulted on the delivery, Noida Authority plans to monitor the progress of ongoing projects.

Earlier, in a triparty meeting, the Authority had asked developers to submit tower-wise report. Many developers have submitted their reports to the Authority so far.

On May 26, Noida Authority invited an Expression of Interest (EOI) from agencies that are capable of monitoring such projects so that the delivery of flats to the buyers according to the schedule given by the developers can be ensured.  

Shishir Singh, ACEO of Noida Authority, told City Spidey that the last date of submission of the EOI is June 5. "EOI needs to be submitted as a hard copy to Santosh Kumar, officer on special duty (OSD) and a soft copy is to be posted on the website of Noida Authroity," he added.

According to Noida Authority officials, the selected agency will be monitoring the developers according to the work plan submitted by them.

The bidder should fulfill the following criteria:

  1. The bidder should have experience in areas of housing and real state.
  2. The bidder should have the requisite capabilities in areas such as standard operating procedure, taxation, law and finance etc.
  3. The bidder should have an experience of monitoring at least three construction projects valued at least Rs 250 crore in the last three years.
  4. Average annual turnover of this firm should be a minimum of Rs 10 crore.