Will the buyers and developers of the Amrapali Group reach a consensus?
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Will the buyers and developers of the Amrapali Group reach a consensus?

The under-construction projects are being jointly inspected for a report that will be presented before the Apex Court.

Will the buyers and developers of the Amrapali Group reach a consensus? Inspection ongoing at one of the project sites

Today a team of homebuyers and representatives of the Amrapali Group had conducted a joint inspection of the housing projects that are stuck across Noida and Greater Noida. On Thursday, the Supreme Court had directed the realty firm and its homebuyers to hold a meeting and reach an agreement on the status of the pending housing projects.

The delivery proposal of the builder was discussed in this meeting that was held on Saturday at the consultation room of the apex court. The meeting was also attended by officials of the Noida and Greater Noida Authority.

Abhishek Kumar, president of Noida Extension Flat Owners’ Welfare Association (NEFOWA) told City Spidey that since the buyers are doubting the delivery proposal of the builder, the Apex Court had ordered for a joint inspection of the under construction projects.  “Therefore today we conducted a four hour inspection of Amrapali Leisure Park, Dream Valley and River View Project. All these projects are located in Noida Extension.”

“Yesterday, we did an inspection of the Golf Homes Housing project and Centurion Park in Greater Noida. Tomorrow, we will inspect the Amrapali Silicon City project in Phase 1 and on March 21 we will inspect the Amrapali Silicon projects located in Phase 2 and 3,” Kumar added.

Kumar informed City Spidey that a joint report will be submitted by the buyers and developers on March 27 to the Supreme Court regarding the construction status of the flats and towers. After reviewing this report the court shall take a decision on the construction timelines of various projects.  

Amrapali Group is yet to deliver around 42,000 flats in 10 housing projects in the Gautam Budh Nagar, area.

Last year, Bank of Baroda had filed an insolvency petition before the National Company Law Tribunal (NCLT) after Amrapali had failed to repay a loan of Rs56 crore. The move caused panic among homebuyers as according to them, their investment would not be protected under the insolvency and bankruptcy code as NCLT would give preference to banks before buyers.

In September 2017, a group of homebuyers from Noida had filed a plea in the Supreme Court seeking protection of their investments. In January, buyers of five other housing projects that are stuck in Greater Noida also filed similar pleas. The apex court clubbed all the pleas and started the hearing.