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Noida Authorities Deny From Developing Stalled Amrapali Projects.

Courtesy/By: Jayant Upadhyay | 12 May 2019

In a forensic audit of 46 registered companies and numerous shell companies of Amrapali group this year revealed the fact that the CMD and Directors of the Amrapali group misused money of 42,000 Homebuyers for purchasing luxuries and meeting their own personal expenses rather than being used for construction activity.

The matter when reached SC the apex court on May 8^th asked for ownership rights of all the residential properties of Amrapali group to be given to Noida and Greater Noida authorities for construction keeping in view the interest of Homebuyers in mind.

However, in reply to the court’s direction both the authorities said before the court that “They don’t have the requisite resources and expertise to construct the stalled projects of Amrapali group and instead suggested for handling over the properties to a reputed builder under the supervision of a High powered Committee.”

The Noida and Greater Noida authorities also told the court that action of cancelling the lease agreement against the Amrapali Group cannot be taken even after regular default on payments because of the large number of Home buyers and political weight in the matter. The group owe around over 5,000 Crore towards the principal amount and interest component besides the penal interest to the government.

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Courtesy/By: Jayant Upadhyay | 12 May 2019