Noida: Amrapali’s co-developer plan yet to be approved
Under pressure from the homebuyers and the UP government, the Amrapali Group is trying to introduce co-developers to deliver flats in eight of its housing projects in Noida and Greater Noida.noida Updated: Jul 13, 2017 22:29 IST
The Noida and Greater Noida authorities are yet to approve a proposal by the Amrapali Group to introduce eight co-developers to finish its partially built housing projects.
Under pressure from the homebuyers and the UP government, the Amrapali Group is trying to introduce co-developers to deliver flats in eight of its housing projects in Noida and Greater Noida.
The UP government’s project settlement policy allows realtors to introduce a co-developer if they find themselves failing to raise funds to finish the projects. Homebuyers, however, are not happy with the idea that the realty group will exit the projects after transferring the responsibility to another developer.
“On May 31, the Amrapali Group assured us that it will resume construction on June 7, but it did not do it. Also, their claim of getting a co-developer is false because the Greater Noida authority is unaware of this development,” said Hitesh Nakashi, a homebuyer. However, officials from the two authorities told HT that they have received the proposal.
The eight Amrapali housing projects in question are Princely Estate and Silicon City in Noida’s Sector 76 and Amrapali Golf Homes, Smart, Dream Valley, Centurion Park, Leisure Park and Verona Heights in Sector Tech Zone-IV in Greater Noida West.
The projects in Greater Noida West are to be built on 12 lakh square metres. The group needs to deliver 28,000 dwelling units in these six projects, but it has failed to do so citing a dip in sales amid a slowdown in the realty sector.
“We had submitted the plan in March 2017. Our eight co-developers have arranged Rs100 crore for each project so that they can deliver flats to buyers without further delay. They have also started mobilising a workforce. We will get all necessary approvals in place. Homebuyers should not have any apprehension about the co-developers,” said Shiv Priya, director, Amrapali Group.
However, the group has not shared details of these co-developers with its homebuyers.
“The Amrapali Group should tell us who these co-developers are and whether they have adequate finances,” said Seema Arora, another homebuyer.
The Greater Noida authority’s additional chief executive officer (ACEO), Janardhan, said they are yet to look into the group’s proposal.
“The Amrapali Group has submitted its proposal on co-developers, but it takes time to process such files. We will not allow co-developers without thoroughly checking their credentials and will conduct a detailed verification of them before approving the plan. We will also conduct inspection at the site to see how much work the builder has finished before it introduces a co-developer. We will also look into the financial position of every co-developer,” he said.
Santosh Kumar, officer on special duty (OSD), Noida authority, said, “The Amrapali Group has submitted its application about the proposal to introduce co-developers for its Silicon City and Princely Estate projects, but we are yet to process it.”