ED asks if Wave City builder had approval to collect funds

Ghaziabad: The Enforcement Directorate has asked UP govt if the developer of Wave City had its approval to collect funds from homebuyers. The query, made through a letter to the chief secretary, was made in connection with an investigation by the central agency under section 54 of the Prevention of Money Laundering Act, 2002, against developer Uppal Chadha. ED has asked if approval to collect funds was given before layouts for the project, developed under govt’s hi-tech township policy, were cleared on June 12, 2009 by the Ghaziabad Development Authority (GDA). “If not, then from which date/period did the said company become eligible to collect funds from the public?” the letter asks. Govt has asked GDA to furnish the information. A GDA source said, “According to rules, no developer can collect funds from buyers if the project layout has not been approved. On a complaint of a homebuyer, ED took up the matter. The developer for Wave City was selected in 2003.” Separately, a Comptroller and Auditor general report of 2017 had pointed GDA suffered a loss of Rs 401.3 crore as land conversion charges, which was not taken from the developer. This Feb, a high-powered committee under the chief secretary, taking note of the CAG report, directed GDA to mortgage the developer’s movable and immovable property to recover the money and then approve the township’s revised detailed project report. Out of 4,196 acres allotted to it, the township has been developed on over 50% of the land. A representative of Uppal Chadha declined to comment on the ED query but said DPR approval is expected soon. “The revised DPR is for the undeveloped part, which was denied due to the CAG’s observation. Since we were unable to develop that, it affected close to 3,000 homebuyers who had already invested in the project. The issue has been sorted out for now after the high-level committee’s directions,” the representative added. The UP Hi-Tech Township Policy was launched in 2003 and was amended in 2007. The aim of the policy was to promote and facilitate private investment in developing hi-tech townships with top-line infrastructure that brought housing, working and recreation needs together.

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