Was the meeting between Amrapali, buyers and Noida-GreNo authorities successful?
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Was the meeting between Amrapali, buyers and Noida-GreNo authorities successful?

During the meeting Amrapali introduced co-developer Galaxy Group to ensure completion of projects within a projected timeline.

Was the meeting between Amrapali, buyers and Noida-GreNo authorities successful?

Following Supreme Court’s orders, a meeting was held today among officials of Noida and Greater Noida authorities, representatives of the Amrapali builder and buyers of different Amrapali projects.

About 42,000 homebuyers are suffering due to stalled projects. They had booked flats in 2009-10 and have already paid 80 to 90 per cent of the flat amounts to the builder. These buyers are now suffering from the dual burdens of having to pay both the EMI to the banks and rentals for their current accommodations.

KK Kaushal, a buyer, told City Spidey that on March 15, the Supreme Court had ordered a joint inspection of the housing projects stalled across Noida and Greater Noida. But at that time the project inspection could not be completed due to some fault at the builder’s end. Following this, on March 27, the Supreme Court directed the realty firm and its homebuyers to hold a meeting and reach an agreement on the status of the pending housing projects.


Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association (NEFOWA), said that since the buyers were doubting the delivery proposal of the builder, the apex court had ordered for a joint inspection of the under-construction projects.

“Therefore the team and buyers conducted an inspection of several projects, including Amrapali Leisure Park, Dream Valley, River View, Golf Homes and Centurion Park. All of these projects are located in Noida Extension. In Sector 76 of Noida, Amrapali Princely and Silicon City projects Phase 1, 2 and 3 were inspected at the time,” Kumar said.



The three remaining projects whose inspection was not completed during the joint inspection in Noida Extension are Amrapali Dream Valley Villa, Amrapali Dream Valley Phase 3 and Amrapali La Galleria (Commercial).

Kumar also said that the delivery proposal of the builder was discussed in today’s meeting.

Shiv Priya, executive director of Amrapali Group, told City Spidey that Amrapali had 27 stalled projects in India, out of which 18 were in Gautam Budh Nagar. But now, they had teamed up with co-developer Galaxy Group, which has started construction work in Amrapali Leisure Park. Construction in others projects should also start soon, Priya added.



"We have divided the projects into three categories — A, B and C. A category are the ones where people have started living but either some finishing work is left or some amenities are to be provided. B category projects are those where the structure of the project is complete. And C category projects are the ones still in initiation stage,” Priya said.

He assured that within 9 to 42 months, the group would be able to deliver all the flats, along with all the amenities.

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 Rs 56 crore. The move had caused panic among homebuyers, as they feared their investments would not be protected under the insolvency and bankruptcy code, since NCLT would give preference to banks before buyers.

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