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Dues stuck, Noida authority plans escrow accounts for 59 developers

Dated on: Wednesday 9th August 2023

The Noida Authority has taken the decision to establish escrow accounts for 59 developers who have failed to meet their payment obligations. The main objective of this step is to recover outstanding dues and minimize financial losses. Investigations have revealed that several developers diverted funds meant for one project to other ventures. By creating escrow accounts, developers are required to deposit 50% of the funds collected from homebuyers and other sources. This measure allows the Authority, currently grappling with losses, to access a portion of these funds as needed. Both the developers and the Authority will jointly manage these escrow accounts.

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