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Noida: Buyers in panic mode over Amrapali building auction

Amrapali Group is yet to deliver 27,000 units in Greater Noida west. In Noida, the builder has delivered 8,500 of 11,000 units, but without basic facilities.

noida Updated: Aug 08, 2017 09:54 IST
Vinod Rajput
Vinod Rajput
Hindustan Times
Buyers are apprehensive over the flats to be delivered to them.(HT FILE PHOTO)

With the Corporation Bank announcing an auction of Amrapali Group’s building in Sector 62 to recover its dues, buyers who have invested the realty group’s projects are panicking.

“If the Amrapali Group is failing to repay a loan of Rs9.10 crore, how will it raise funds to deliver flats? The UP government should ensure we get our flats,” said Hitesh Nakashi, a buyer.

The Noida and Greater Noida authorities have also failed to recover around Rs3,100 crore in land dues and also failed to provide relief to homebuyers under the project settlement policy.

“In 2015 and 2016, authority officials and Amrapali Group’s chairman and managing director, Anil Sharma, had assured that the project would be ready by 2016-end. Later, Sharma promised us delivery by 2017-end. This year, he said they will deliver it in 2020. I have lost all hopes of getting a flat now,” Satish Kumar, who booked a 2BHK flat in Amrapali’s Dream Valley project in Greater Noida west, said.

Kumar had booked the flat in 2010 with a promise of delivery in 2013-14. “I bought this flat for Rs16 lakh and took a home loan from a private bank. Since then, I have been paying monthly home loan instalment and house rent. I do not know what to do now,” said Kumar, who lives in Noida’s Sector 20.

Amrapali Group is yet to deliver 27,000 units in Greater Noida west. In Noida, the builder has delivered 8,500 of 11,000 units, but without basic facilities.

“The builder is repeatedly failing to clear instalments of land dues. We are discussing ways to address homebuyers’ issues because it is our first priority. We will try to recover our dues later,” Arvind Mohan Singh, financial controller of the Greater Noida authority, said.

The Amrapali housing projects in question are Princely Estate and Silicon City in Noida’s Sector 76, Amrapali Golf Homes, Smart, Dream Valley, Centurion Park, Leisure Park and Verona Heights in Sector Tech Zone-IV in Greater Noida west.

“We are roping in co-developers to finish these projects. We are trying to take help of ATS Infrastructure for finishing two projects and delivering 1,000 flats in Noida’s Silicon City and 4,500 flats in Greater Noida’s Golf Homes. Homebuyers need not worry. We will deliver the projects,” said Shiv Priya, director of Amrapali Group.

The Amrapali Group claimed it had collected Rs9,000 crore from buyers and spent Rs7,000 crore on construction cost and other related expenses. However, buyers are not convinced with the claim.

“The Amrapali Group has siphoned off the money collected. We will meet the senior superintendent of police Love Kumar and demand an FIR against Anil Sharma for fraud. We will also demand the Central government to confiscate his passport, else he will flee,” said Manoj Kumar, a buyer.

The Noida authority is also clueless on ways to revive Amrapali Group’s Noida projects. “We are discussing the financial issues in detail. We will take an appropriate decision soon. We have issued notices to the builder in the past to recover our Rs1,100 crore,” said Manmohan Mishra, financial controller of the Noida authority.

“Buyers need to understand that we still need to sell 3.5 crore square feet residential area for which we will get Rs4,300 crore. We only need to pay Rs100 crore per instalment to each authority for rescheduling payment,” said Shiv Priya.

First Published: Aug 07, 2017 22:48 IST