The National Building Construction Corporation (NBCC), which is a consultant in Amrapali group housing projects in Noida-Greater Noida, is likely to file an affidavit informing the Supreme Court about the projects which would be taken up first for completion on next hearing scheduled on January 24.
City Spidey spoke to Ritesh Singh, the petitioner against Amrapali in the Supreme Court. He said that both the issues – diversion of home buyers’ money and construction of incomplete projects are going side by side in the court.
“The reports of forensic auditors are being recorded and at the same time the court is also keeping a vigil on how NBCC proceeds,” he added.
Earlier, NBCC in its affidavit had informed the court that it would require around Rs 8,500 crore to complete all projects.
“Court has directed NBCC to find out whether required cost can be brought down by at least five to ten per cent. Hence, the new estimate is about Rs 7,000 crore. NBCC has also informed the court that it would need around Rs 1,200 crore to take off any project,” Singh said.
According to Kumar, forensic auditors have almost unearthed how home buyers’ money was diverted. Now, forensic audit of unsold inventories of the firm is due to happen. “Once the audit report on unsold inventory gets completed, the picture would be clearer about how much money can be generated through it,” Singh added.
When asked about which projects would be taken up first by the NBCC for starting construction, Singh said, “It would be clear only after the NBCC submits its affidavit in the court. But, there is a high possibility that the projects which are at the advanced stages (90-95 per cent complete) would be taken up in the first phase.”
Singh added that there would be more clarity in the case by the end of March. However, the home buyers said that uncertainty regarding the handover of the flats will remain until it becomes clear that who is funding the required money to complete the projects.
“Homebuyers’ main concern is getting the possession of the flats. NBCC is working as a consultant and it is already clear that they won’t make investment. So, the crux of the matter is getting the funds for the incomplete projects,” said KK Kaushal, a flat buyer of Amrapali project.