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Noida Twin-Tower Row: Entire Indian Real Estate sector is in the grip of massive corruption
Two 40 storey residential towers in Noida developed by Supertech would be demolished as per the orders of the Allahabad High Court. The HC decision brought hundreds of flat buyers on the road. How these illegal towers got an approval of the local authorities? The towers in question have home loan approvals from multiple banks. This opens up the ugly face of nexus between multiple parties involved in corruption. Is the real estate sector reeling under massive corruption?
"Real estate market is flooded with corruption. The sole aim of the builders is to rob buyers. If the buyers speak something against builders, their books are canceled on reasons that are are not valid at all. They do many illegal things, change in the lay out plan is one of those. The Govt. authorities in Noida are working hand in glove with the builders. "
Shweta Bharti, General Secretary, NEFOWA
"First of all, it is very important to understand that one such news does not signify about the entire sector. If the entire structure has been built and stood, it means that all due permissions and approvals were taken from the right authorities. Now if something wrong has come up, we must handle the situation with utmost care. All the affected parties must think and come to a conclusion where everyone gets mutually benefited and no one is left out."
Sushant Muttreja, MD, Cosmic Group
Agree :
Disagree :
Agree : 90 %
T S Ramani | Jun 02, 2014
The structures may be regularized but with heavy penalty (at least 50% to 75% of sale price of building) so that no builder dares to think of breaking the law and get away with it.
Anand Krishnan | Apr 23, 2014
Corruption in Real Estate on Peak across India because its a easy deal of black money and people ( Agents ) get enough percentage more than expected 4 to 5% in a deal every one in Tamil Nadu basically involved in real estate agent ( indirectly ) and the Hawala cases witness in Real Estate Business itself, its the Revenue dept to be strict if really to tackle corruption in real estate but not happening due to govt soft on Corruption ..................
Anil Kumar Gupta | Apr 22, 2014
I can not explain.
Vickey Kant | Apr 18, 2014
Strange, till the time nodia babus might have been sleeping when 21 florrs are constructed under there nose. Might be these babus of noida authority had not received the bribes.
Nitesh | Apr 18, 2014
It is amazing how such huge towers were allowed to be built without proper clearances from all the regulating authorities. Not only the buyers, but the banks who disbursed the loans should sue the builders and seek damages.
Rajesh Rai | Apr 18, 2014
Its a good lesson to Builders who work by paying bribes..
Ankit Jaiswal | Apr 18, 2014
I agree with Shweta Bharti and according to me a criminal case should be filed by buyer against builder MD, Legal department of Supertech, and account department as all of them are involved in illegal transfer of flat to buyers and person taken on re sale.This purely cheating in a group.. leading to big fraud. I suggest all buyer to file Fir against all official involve in flat booking to transfer team.
Suresh Kamant | Apr 18, 2014
These illegal structures should never have been in place but for the underhand deals with the Authority and hence SC should arrest these people who helped the Builder to go overboard and the illegal portion of the Building need to be demolished at the earliest The people who may have been duped into these flats need be paid for their investments and Builder placed behind bars for a long long time so that NO other Builder will try such move evr again in NOIDA or any place in the Country There is a similar case in Mumbai Campa Cola case at Worli and SC has given its decision and must be followed here too.
Nitin Bhardwaj | Apr 17, 2014
Entire Noida is developed like that...con deals...and investors are also paying heavy amounts and I am sure those who have bought home in these towers would already have 2-3 flats in their pocket....This builder have no credibility and no future...all of his projects are build on fake documents and imagine who is the sufferer......
Ashutosh Anand | Apr 17, 2014
I have got few points -- 1. The towers were constructed, means the builder had approvals whatever required to do the construction, please correct me if I am wrong. 2. The rules based on which the High Court ordered demolition was and is in existence from quite some time, was the Noida Authority not aware of those rules before giving the approval for those towers ? 3. Builder and Authority(Noida) they are equally responsible for this mess and the irony is they don't have much to loose. It's the end user/investor how will and is suffering. 4. Irrespective of the fact that UP Apartment Act was suppose to be implemented, however neither the Builder nor the Authority is in any hurry to implement it. I don't know what will be the fate of the buyers, this is very unpleasant and sad.
Dr Yogesh | Apr 17, 2014
Most of the NOIDA builders are corrupts and cheats. They fleece the buyers. There is a lobby of builders, bureaucrats, politicians and have taken the shape of a mafia. They are all powerful to loot the buyers. They flout the norms and then either leave the buyer to fend for themselves or make a plea in the name of innocent buyer. The court should upheld the law. The buyer if found innocent should be compensated. The builders must pay for their misadventure.Guilty bureaucrats must also be booked and arrested.
Vineet Bansal | Apr 17, 2014
All these corruptions and mal-practices increased billion folds under congress and alike parties. They are hell bound in destroying and looting India. Sonia will run away to Italy. please understand. They are here just to enjoy the power and loot us. They have no respect or love for the land.
Prakash Rathi | Apr 17, 2014
The ruling congress is seeped in frauds and scams. They promote others scams and pocket facilitation fee!!!
Ashok | Apr 17, 2014
THe builder & authority were hand in gloves right from the very begining.First they granted permission for 11 storeys only & later on increased it to many more stories.Construction of additional floors on existing structure whose foundations were not capable to take additional loads ,was not possible without strenghtening the foundations, means foundations were designed to take additional loads from the initial needs thorough investigation & punish the defaulters.
Manish Kumar | Apr 17, 2014
Builders always play with dreams and emotions of Home buyers. First of all buyers are forced to sign one sided BBA. Most of buyers think that we have signed the BBA and we cannot raise our voice, and the builder continues to EXTORT buyers by any and every means. The UP Apartment Act 2010, has provided all buyers the power to drag Builders to court and make them Answerable. Making Changes in layout plan, once flats are sold is totally unacceptable and it must be stopped as per the ACT. Moreover builders must not come-up with projects on such a land whose ownership title is not clear
SOURABHA PARIDA | Apr 17, 2014
the fastest growing industry, real-estate is no doubt covered with clay. buyers should search enough before booking.
Roma | Apr 17, 2014
Why such things happen with the middle class people. This is very bad, Government should take some serious steps and should make some sound laws on real estate sectors, which will help the middle class buyers.
Shravan Singh | Apr 17, 2014
Whatever, happened in Noida is really unfortunate for the investors. No dound govet. authorities and builders work hand in glove. They keep investors in dark on many things. When it is about anything that causes profit to builders on account of investor's loss, developers are quick to take actions. But in case of investors profit they do nothing. There is a need of strict laws on realty sector. This sector is not transparent.
Disagree : 10 %
Gyan Prakash | Jun 02, 2014
Well, Every coin has its two sides and therefore, we cant either agree or disagree. But, There is a need of total new rules & regulations especially for Real Sector and make sure that the competent authority and registrar offices are made accountable and audit of all real estate companies, shall be held regularly. Either a company or a society, its from we the people of India so blaming is not solution but cure is the only solution.
Tanu | Apr 21, 2014
Every sector is under corruption. Its not fair to blame the real estate sector alone.


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