India, Aug. 14 -- A Comptroller & Auditor General (CAG) audit found that key safeguards, such as requiring builders to open escrow accounts to ensure timely payments and project completion, were omitted from successive Greater Noida Industrial Development Authority (GNIDA) scheme brochures, undermining protections for both GNIDA and homebuyers.

According to the report, these omissions led to project delays, GNIDA's failure to uphold homebuyers' trust, and its inability to ensure timely possession and execution of sub-leases. Notably, the mandatory provision for builders to maintain escrow accounts, ensuring project funds are used exclusively for construction, was also missing from the brochures. As a result, 28 of the 34 projects examine...