Yamuna Authority files complaint against SDS Infracon for Rs 1.82 Bn diversion
ROADS & HIGHWAYS

Yamuna Authority files complaint against SDS Infracon for Rs 1.82 Bn diversion

The Yamuna Expressway Industrial Development Authority (YEIDA) has lodged a complaint against SDS Infracon for allegedly diverting Rs 1.82 billion meant for a housing project. The complaint, filed with the Economic Offences Wing (EOW) of the Uttar Pradesh Police, accuses the company of misusing funds allocated for the ambitious Yamuna City project.

According to YEIDA officials, SDS Infracon received substantial advances from homebuyers but failed to utilise the funds for the intended purpose of completing the housing project. Instead, the company is accused of diverting the money to other ventures, leaving the Yamuna City project incomplete and homebuyers in distress. The allegations have prompted YEIDA to seek a thorough investigation and appropriate legal action against SDS Infracon.

YEIDA CEO Arun Vir Singh stated that the authority is committed to protecting the interests of homebuyers and ensuring that the funds are used responsibly. He emphasised the need for stringent measures to prevent such financial misconduct in the real estate sector. The authority has also urged affected homebuyers to come forward and share their grievances to strengthen the case against SDS Infracon.

The complaint highlights the broader issue of financial mismanagement in the real estate industry, where developers sometimes misuse funds, leading to delays and financial losses for homebuyers. YEIDA's proactive stance aims to set a precedent for accountability and transparency in real estate transactions.

As the investigation progresses, the outcome will be closely watched by stakeholders in the real estate sector, including regulators, developers, and homebuyers, who are all keen on ensuring fair practices and the timely completion of housing projects.

The Yamuna Expressway Industrial Development Authority (YEIDA) has lodged a complaint against SDS Infracon for allegedly diverting Rs 1.82 billion meant for a housing project. The complaint, filed with the Economic Offences Wing (EOW) of the Uttar Pradesh Police, accuses the company of misusing funds allocated for the ambitious Yamuna City project. According to YEIDA officials, SDS Infracon received substantial advances from homebuyers but failed to utilise the funds for the intended purpose of completing the housing project. Instead, the company is accused of diverting the money to other ventures, leaving the Yamuna City project incomplete and homebuyers in distress. The allegations have prompted YEIDA to seek a thorough investigation and appropriate legal action against SDS Infracon. YEIDA CEO Arun Vir Singh stated that the authority is committed to protecting the interests of homebuyers and ensuring that the funds are used responsibly. He emphasised the need for stringent measures to prevent such financial misconduct in the real estate sector. The authority has also urged affected homebuyers to come forward and share their grievances to strengthen the case against SDS Infracon. The complaint highlights the broader issue of financial mismanagement in the real estate industry, where developers sometimes misuse funds, leading to delays and financial losses for homebuyers. YEIDA's proactive stance aims to set a precedent for accountability and transparency in real estate transactions. As the investigation progresses, the outcome will be closely watched by stakeholders in the real estate sector, including regulators, developers, and homebuyers, who are all keen on ensuring fair practices and the timely completion of housing projects.

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?