The landmark verdict on Amrapali group housing projects by the Supreme Court on Tuesday has brought much-needed relief to the real estate's homebuyers. The decision has also raised hopes for other homebuyers who are going through similar experiences with different real estate companies across the country.
CitySpidey exclusively spoke to Mihir Kumar, one of the advocates representing the homebuyers in the Amrapali case. He said that today’s verdict can be counted as a landmark decision because more than 40,000 Amrapali homebuyers would get relief to some extent. The court's directions would soon be applied to all other pending housing projects of other real estate companies.
“It's a win-win situation for all the homebuyers who felt cheated by land-owning agencies (government authorities), banks and real estate developers. The court while hearing the arguments has suggested the central government to apply the same direction to resolve all other pending housing projects to protect the interest of the homebuyers. If the government goes with the court’s direction, I believe many other projects stuck in Delhi-NCR would be resolved,” Kumar said.
Kumar further said that the court observed that several cases of organised frauds have been done with the participation of multiple parties, including the government authorities and banks. With today's judgment, the government authorities would be more vigilant to ensure the interest of investors.
“There has been a tendency in the government authorities and in the real estate developers that they would get money from the homebuyers at any cost. This has happened previously on several occasions, as there were no specific guidelines to protect the interest of the homebuyers. Today's judgment will not only pave a way for the future but will also protect the homebuyers from getting exploited.”
Kumar further expressed his views on the judgement saying, “today's order would revive dying hopes of all the homebuyers. It will also help those who have received possession but are waiting for occupation certificates and other facilities in their flats.”
“The court has directed the concerning authorities to complete flat registration within next three months. Some flat owners at Amrapali have got possessions but they are still waiting for facilities like power connection and water connections in their flats. Flat owners are suffering because Amrapali failed to pay dues of government agencies.”
Replying on National Building Construction Company’s (NBCC) proposal to complete the projects, Kumar said the state-owned real estate firm (NBCC) has already made it clear that it would take over the projects but would not invest on it. He said that was the reason counsels representing homebuyers have been demanding for stress fund from the government.
“The court did not make any rule on the stress fund issue probably because it falls under the jurisdiction of the government. The court has asked the homebuyers to pay their dues to provide funds to complete the projects. Court has made it clear that Noida and Greater Noida Authorities cannot make any claim on homebuyers money. Authorities and banks would receive their dues from the assets sold of the Amrapali group,” Kumar concluded.