New Delhi: Ironical as it may seem, the Union Government on one side has claimed to tighten the noose around the monopoly of real estate companies, whereas on the other side it has lost control over its own agency.

The lackadaisical attitude of the Central Government Employees Welfare and Housing Organization (CGEWHO) can be gauged from the fact that it had issued an advertisement for Greater Noida housing projects on 31 December, 2010, but the project has failed to kick-start.

As per the advertisement, Rs 60, 000 and Rs 2.41 lakh had to be deposited for separate house categories. The CGEWHO said the work would be started during the first quarter of 2012.  But the project has made no progress due to mismanagement of the agency.

It has placed a question mark on the transparency of the CGEWHO which is an autonomous body, affiliated to the Union Poverty Alleviation Ministry.  The Ministry is formulating Real Estate Regulation Bill.

The Central government employees invested their money in the CGEWHO’s Greater Noida projects. But their fate hangs in a balance as draw has been postponed twice. Even Floor Area Ratio (FAR) is yet to get passed by the concerned authority.

The investors are unaware of the house prices and the construction companies. The proposed regulatory bill clearly states that the advertisements should mention all the information.

Recently the Union Housing and Urban Poverty Alleviation Minister Kumari Shailja had claimed that regulatory bill will check the monopoly of the construction companies. It will be ensured that investors should get their abode on time.

The employees, who were not entitled to apply for houses, had also made their claim in this regard.

Official sources said, “Once the Greater Noida Authority passes the FAR, the investors will be informed about the price for houses.”

The officials turned down the question of providing interest on the invested amount to the investors.