SC asked the Amrapali Group to deposit Rs. 250 crore by June 15 in an escrow account to be paid to co-developers on completion of the projects.
In a major relief to over 42,000 home buyers, the Supreme Court gave permission to three co-developers to complete the stalled projects of Amrapali Group as soon as possible.
The Noida Extension Flat Owners Welfare Association (NEFOWA) conducted a press conference on Friday at Sector-29, Noida.
Kumar Mihir, advocate of the home buyers group said that the top court asked the Amrapali Group to deposit Rs. 250 crore by June 15 in an escrow account to be paid to co-developers on completion of the projects.
“Galaxy Group, Kanodia Cement company and IIFL are the co-developers who will complete the stalled projects of Amrapali Group,” Mihir said.
The next hearing on the matter will be held on July 18.
“Homebuyers and Amrapali Group had agreed upon a joint proposal under which pending projects were divided into four baskets. Out of the total, 26 projects in the A and B category were given to the co-developers which need to be completed within agreed timelines,” Kumar said.
Kumar also said that Amrapali wouldn’t collect even a single penny from the buyers before they receive the possession of the flats.
A committee will also be formed to watch the progress of the projects. The committee will include representatives of both the builder and buyers. Further, the court will also appoint a member of its own in the committee.
Members of NEFOWA also said that the land dues of the authorities of Noida and Greater Noida will be paid by auctioning Amrapali’s lands in Greater Noida. “Amrapali has two properties in Greater Noida- Amrapali Centurian and Amrapali Leisure. Both the properties are located in Noida Extension,” Mihir said.
Abhishek Kumar, President of NEFOWA said that we also asked the apex court for compensation regarding the delay possession. Kumar further added that the buyers will give an affidavit to the court regarding the compensation.
"This is the only way to get our flats. The government is not helping us and political leaders only make false promises," Kumar said.
