Spectrum Metro- a Profitable High Street Commercial Project says Noida Authority

The city of the future Noida, boasts an exceptional infrastructure. It anticipates strategic as well as systematic development to strengthen the social life. It is an emerging and highly integrated township which caters industrialists, commercialists and the residents. The Noida Authority acts as a governing body to regulate its entire infrastructure which has been set up under Uttar Pradesh Industrial Area Development Act. Noida Authority has the rights to monitor and vigilante all the realty projects which are on-going to make sure whether all the projects are paying the land dues, completing the projects on time etc. But moving ahead, Noida Authority won’t be invigilating any projects further as many of the developers have not paid the dues. Spectrum Metro was the only project to be leveraged with the benefit of the audit conducted.

Noida Authority has appointed Currie and Brown as a financial auditor to monitor the commercial projects which is an International Audit Firm.This will result in timely completion of the project that will ultimately help buyers to get legal possession of their property with the registry and all other formalities.After many default cases, all the end users and the buyers have started being alert from the under-construction projects. But now, since after the Authority has started taken things into consideration, the buyers can feel secured and confident with regards to the money invested is safe. The transparency is maintained throughout and the customers can invest in guilt-free. The authority started reviewing the commercial projects so that the developers/builders do not misuse the collected funds from the customers under the direction of AlokTandon, Chief Executive Officer, Noida Authority.

Recently, Currie and Brown audited Spectrum Metro Mall which turned out successful as it had cleared the land dues. In most of the projects, the dues are not cleared unlike Spectrum Metro Mall project. All the instalments are paid on time by the customers. Also, within last 14 months, the Spectrum Metro Mall project has paid the Noida Authority the sum of Rs.250 crore as it has been already in profit bracket. Within the next three months, the promoter will obtain the occupancy certificate of 4lakh square feet area in C tower of the mall. Out of all the collected funds, 40% of the dues are paid to the authority and the remaining 60%are used for the construction as mentioned in the rules.

Whilst the monitoring favoured Spectrum Metro Mall, the target to deliver the project is 2019 year end. The registry is about to start in C tower of the Mall by 2019 end. 70% of inventory has been sold out and it is said that the final project will be delivered by 2020.