The Central Bureau of Investigation (CBI) has registered three First Information Reports (FIRs) concerning alleged irregularities in the Noida Sports City projects, collectively valued at approximately ₹9,000 crore.

Initiated between 2011 and 2014, the Noida Sports City projects aimed to establish world-class sports facilities alongside residential and commercial developments in sectors 78, 79, and 150 of Noida. The vision encompassed creating integrated townships that would promote sports while providing modern living and commercial spaces.

The Comptroller and Auditor General (CAG) conducted an audit in 2021, uncovering significant financial irregularities in the allotment and development of these projects. The audit highlighted underpriced land allocations, unauthorized ownership transfers, unpaid lease premiums, and the issuance of occupancy certificates by the Noida Authority despite incomplete sports facilities. These discrepancies have reportedly led to a loss of approximately ₹9,000 crore to the Noida Authority and the state government.

Responding to these findings, the Allahabad High Court ordered investigations by both the CBI and the Enforcement Directorate (ED) into three of the four Sports City projects. The court's directive encompasses developers, consortium members, and Noida Authority officials, citing a "dirty nexus" and the misappropriation of homebuyers' funds. The court emphasized that despite the benefits and concessions received from the Noida Authority, developers prioritized commercial developments over the mandated sports facilities.

Following the court's directive, the CBI has filed FIRs against real estate firms Logix Infra Developers Pvt Ltd, Xanadu Estates Pvt Ltd, and Lotus Green Constructions Pvt Ltd, including their directors and unnamed officials of the Noida Authority. Subsequent search operations have been conducted as part of the investigation.

The outcome of these investigations is anticipated to have significant implications for the real estate sector in Noida, potentially restoring accountability and transparency in large-scale urban development projects. Homebuyers affected by these irregularities are hopeful that the investigations will lead to corrective measures and the fulfillment of the original promises of the Sports City projects.

Source: Followed by Deccan Herald