Residents and homebuyers of Amrapali Silicon City, a partially completed project in Sector 76, Noida, have decided to protest against a recent decision taken by the UP government to solve the issue of delayed possession. The protest will be held tomorrow inside the complex.
Homebuyers complained to City Spidey that the high-powered committee put together by UP Chief Minister Yogi Adityanath, while telling them to not pay the builder anything more till they were given possession details, also gave the builder two more years to complete the project.
Ratnesh Rahul, a buyer, said, “We have already waited seven years to get possession, and now the government says we have to wait two more years! What kind of assurance is that? Also, there is nothing given to us in writing, so how do we know we will even get possession after two years?”
“There is no clarity on who the co-developer is going to be in the stalled projects,” he continued.
“We are organising the protest inside the complex. While the builder would have us believe that many residential towers are on verge of completion, the reality is that most towers, which were to be developed in Phase II as per the builder’s plan, are still incomplete,” he added.
Buyers are also worried about the National Company Law Tribunal (NCLT) admitting a petition by Bank of Baroda, a creditor, against Amrapali Silicon City. They told the appointed interim resolution professional (IRP) that under the proceedings of the Insolvency and Bankruptcy Code (IBC), the interest of buyers was not given priority, as they were categorised under “unsecured and other creditors”. This, despite most buyers having paid the builder almost the entire amount for the flats.
PK Gupta, another buyer, said since their interests were not being protected, they had been forced to take this decision to come out in protest.