Amrapali Group submits details of properties worth Rs 5,647 crore in SC
Amrapali Group submits details of properties worth Rs 5,647 crore in SC
Avishek Dubey
Amrapali Group submits details of properties worth Rs 5,647 crore in SC
Photo: Samrat Roy

Amrapali Group submits details of properties worth Rs 5,647 crore in SC

The Amrapali Group on Tuesday submitted details of the properties which they will sell to raise the funds to complete the projects in the Supreme Court. As per the affidavit submitted by the company, the total realisable value of all the properties is about Rs 5,647 crore.

As per the company, they require Rs 205 crore initially to complete about 11,403 flats in Category A projects. They also mentioned that Rs 637 crore is required to complete 9,715 flats in Category B projects.

The company has also mentioned in the affidavit that they will sell commercial spaces worth Rs 1,040 crore within two years.

 “The court had asked the Amrapali Group about how they are going to raise the funds to complete the projects. The group requires around Rs 5,112 crore to complete its projects. The court also ordered the developer to apprise them about where they diverted the buyer's money of Rs 2,700 crore,” Kaushal added.

Noida Extension Flat Owners Welfare Association (NEFOWA) demanded the financial audit of the company. The court asked the buyers to suggest three auditing companies for the same during the next hearing.

A resident of Amrapali Zodiac, Joginder Singh told City Spidey that two projects of Amrapali - Zodiac and Leisure Valley (Noida Extension) are facing disconnection of electricity due to non-payment.

The court has ordered that electricity dues should be paid by Amrapali to electricity department by July 31, 2018.

“From August onwards, the electricity bills will be paid after collecting it through the prepaid meter,” Singh said.

Singh also said, “The builder asked that they should be allowed to take maintenance charge from the residents. The court denied by saying that the builder gives the possession to buyers without completing the projects and without proper facilities.”

“The court indicated that they will sell the properties of Amrapali before Diwali to complete the projects,” Singh added.

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

Last year, Bank of Baroda had filed an insolvency petition before the National Company Law Tribunal (NCLT) after Amrapali failed to repay a loan of Rs 56 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.