The top court had already stated earlier that the projects will be completed under its supervision.
The government-run real estate firm, National Building Construction Company (NBCC) has said that it will not invest its own money to complete Amrapali projects which require around Rs 8,500 crore. As per the information, fresh statement by NBCC has come in response to an investor’s query. However, people privy with matter said the Supreme Court has directed the firm to complete the projects without investing its own money.
According to a home-buyer of Amrapali group, NBCC had made its submission before the court that it won’t invest its money to complete stalled projects but will take over as a consultant. “In its judgment, the court has directed NBCC to take over all Amrapali projects and directed it to submit the blueprint within three months. Money required for completing projects would come from home-buyers, unsold inventory, recovery from defaulters and attached assets of Amrapali group etc,” said K K Kaushal, a home-buyer.
It is learnt that in the next hearing, the court is likely to give direction regarding setting up of an office for appointed receiver, mode of payment etc. The top court had already stated earlier that the projects will be completed under its supervision. The court has appointed R. Venkataramani, senior advocate, as the court receiver to look after the issue.
“The court is likely to clear on several issues apart from mode of payment from home-buyers and other sources. Hearing will be held on setting up proper mechanism to operate the system, generate money and its overall monitoring. Once things are cleared court will start further process,” said Mihir Kumar, advocate representing a section of home-buyers.
Sources told CitySpidey that NBCC is likely to ask for liquid money to start initial works in projects. “Approximate Rs 250 crore liquid money is required for initial work in projects. It is likely to be cleared in the next hearing. NBCC has floated tenders for 15-16 projects which will also be cleared before the court,” a source said.
