Amrapali buyers hopeful of getting flats after SC order
Supreme Court ordered the Amrapali Group to first finish ‘nearing completion’ towers. The builder said they can deliver some towers in Amrapali Centurian Park and Amrapali Leisure Park with the help of co-developersnoida Updated: Feb 22, 2018 22:42 IST
Homebuyers in Amrapali Group projects on Thursday said the Supreme Court’s order, directing the builder to first finish ‘nearing completion’ towers, have given them some hope.
The court was hearing a plea filed by homebuyers on Thursday. Amrapali Group, a realty major, needs to deliver around 40,000 flats in 10 housing projects in Noida and Greater Noida. The company cited a dip in sales amid the slowdown in the realty sector for the delay in delivery of projects.
“We are extremely happy that the Supreme Court has directed the Amrapali Group to finish ‘nearing completion’ residential towers within a month. The SC has also directed the builder to submit a status report on towers that are almost complete. The builder will have to submit an undertaking in the court by March 6,” Abhishek Kumar, president, Noida Extension Flat Owners’ Welfare Association, a group which had filed the petition, said.
“If the builder fails to comply, then the court can send the Amrapali promoter to jail. We hope that we will get our flats now,” he said.
The Bank of Baroda had filed an insolvency petition before the National Company Law Tribunal (NCLT) after Amrapali failed to repay a loan of ₹56 crore. The move caused panic among homebuyers as, according to them, their investment would not be protected under the insolvency and bankruptcy code as the NCLT would give preference to banks before buyers.
On September 2017, a group of homebuyers from Noida filed a plea in the Supreme Court seeking protection of their investment. In January, buyers in five other stuck housing projects in Greater Noida also filed similar pleas. The apex court clubbed all the pleas and began the hearing.
“Our primary objective is to make sure that homebuyers get their flats at the earliest,” a bench, led by Justice Arun Misra, said, while hearing petitions filed by home buyers.
“After the Supreme Court’s direction, the builder now said that they can deliver some towers in Amrapali Centurian Park and Amrapali Leisure Park in the next three months with the help of co-developers. Since the builder will give an undertaking before the SC to this end, we hope that the stuck projects will be finished,” KK Kaushal, a buyer, said.
Amrapali Group director Shiv Priya said, “The Supreme Court has asked us to submit a progress report by March 27. We will start mobilisation of workers and required material immediately. We will be able to deliver 7,500 flats in 65 towers within 18 months. We will deliver 1,700 flats in Leisure Park within 15 to 18 months. We will deliver 600 flats in Centurion Park and Leisure Park within the next six months. We have arranged 15 co-developers to finish our projects. Buyers need not worry as we will adhere to the delivery schedule.”
First Published: Feb 22, 2018 22:42 IST