Amrapali Group out of Noida, says Supreme Court


46,000 homebuyers who bought flats from Amrapali may breath a sigh of relief as the construction work on its various projects may soon resume. The Apex Court has on Wednesday said that ownership of the projects would be forfeited from the Amrapali group and handed over to Noida and Greater Noida authorities, which would in turn complete the construction and hand over possession to the buyers.

 Amrapali has been clearly told that "you are out now", the SC said all its housing properties would be given to the authorities "lock, stock and barrel".

 No doubt that the Greater Noida Authority as well as Noida Authority are equally to blame as to how did they allow the group to continue purchasing land for projects without paying a penny to the authorities and how did the authorities gave the allotment in its name. No doubt the Noida and Greater Noida Authority are hand in gloves with the fraud developer.

 Homebuyers who have invested more than Rs 11,500 crore, and to protect their interests, handing over all projects to the authorities was the best way to end the crisis. There has been a widespread financial mismanagement and diversion of funds by the Amrapali group.

 "We will say in our order that you did not pay the authorities for getting land and they can take over the title of the land. They can engage NBCC or other company to complete the construction," a bench of Justices Arun Mishra and U U Lalit told Amrapali.

 The court said its primary concern was to protect the interests of homebuyers who had invested their hard earned money to buy homes and indicated that other stakeholders in the projects, like banks and financial institutions, would have to fight their own battle.

 Rs 4,545 crore was still due on the group and the authorities would be at liberty to employ the services of any builder, including government-owned NBCC, to complete the projects.

 NBCC which was first choice to complete the project has refused to complete the project as it cannot invest its own money and requested Rs. 8,500 crores for the same along with 3 years duration.

Comments

  1. Rahul22 May 2019 at 08:49

    MD of Amrapali should remain in jail forever for the mental agony it has given to thousands of people. Shame

    ReplyDelete

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