Investment in Amprapali Groups, assured homes to thousands of flat buyers, wherein on Thursday Supreme Court had directed the company’s promoters to give the undertaking to complete construction in a time-bound manner and made it clear that they would be sent to jail if the promise is not fulfilled.
A bench comprising of Justices Arun Mishra and Amitava Roy decided to put surveillance on the pace of construction under Amrapali’s projects. More than 41,000 flat buyers are facing uncertainty due to the builder’s failure to hand over possession despite the fact that the buyers have already paid a substantial amount towards the costs of the flats.
Amrapali Groups have 43 projects in total which is under development in different stages. To which the court has decided to deal with each project separately. The court first took up Amrapali Leisure Park project in Greater Noida(west). According to the sources, the project contains 19 towers and around 1665 flats. Appearing for the company, Advocate Ranjit Kumar and lawyer Gaurav Bhatia informed the bench that the project was nearing completion and just finishing work was required. He even informed the bench that the flats could be handed over to the buyers within 15 months and an investment of Rs. 87.28 crore was required. The bench has also said the promoters that they should deposit the money before the court to meet the expenses. The company isn’t in a position to deposit the money as informed by their representatives.
Ajit Sinha and M L Lahoty, representing home buyers contended that “they had no faith in the company as it had never fulfilled any promise”. However, the court of justice has given them a surety that the promoters will give an undertaking and they would face the consequences if they failed to comply with it.
It has also directed the promoters to file a proposal for the same given by 13 real estate firms which have shown interest in a collaboration with Amrapali for completing the construction. The court will take up Amrapali’s Silicon Valley Projects on March 15.
Courtesy/By: Trisha Mukherjee
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09 Mar 2018
