Frustrated Amrapali homebuyers set sights on next SC hearing

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Frustrated Amrapali homebuyers set sights on next SC hearing

During the discussion, emphasis was given to several points, including the Supreme Court’s direction to buyers to pay their outstanding dues.

Frustrated Amrapali homebuyers set sights on next SC hearing

With their offices closed on Sunday, a large group of Amrapali homebuyers took time off from their schedule to discuss various issues regarding the developments in the housing projects they have invested in. They gathered at the site of Amrapali Dream Valley project for the formal get-together.

During the discussion, emphasis was given to several points, including the Supreme Court’s direction to buyers to pay their outstanding dues. The buyers expressed their disappointment for not including insolvent Amrapali projects in the list of eligible category for availing ‘stress fund’ announced by Union Finance Minister Nirmala Sitharaman.

Earlier this month, the finance minister had announced stress a fund of Rs 20,000 crore to revive stalled real estate projects. However, the condition that the projects affected by non-performing assets (NPA) and being heard under the National Company Law Tribunal (NCLT) will not be benefited with ‘stress fund’ is a real dampener for most developers.

According to a report published in the Mint, the government’s funding package is meant for residential housing projects in the affordable and middle-income categories, provided that the project has not been declared a non-performing asset (NPA) and does not have a case filed against it in NCLT.

Hence, buyers of some of the country’s biggest stalled projects, including that of Amrapali, Unitech, Jaypee, 3C and Ansal API, among others, will not benefit from the government’s announcement. At least 100,000 buyers are stuck in these projects in the National Capital Region (NRC) alone. These developers, along with several others, have cases registered against them in the NCLT making them ineligible for the last-mile funding.

The aggrieved homebuyers have decided to intensify their fight for getting their flats as their next course of action. They homebuyers who have booked their flats in the underdeveloped Amrapali Dream Valley in Greater Noida West have decided to plead with the Supreme Court to ask the NBCC to start construction work of the project.

“Buyers of Amrapali Dream Valley are ready to pay their outstanding but there are several queries which we will put before the court in next hearing,” said K K Kausal, a homebuyer.

As for those, who owe a large amount of outstanding to the builder, he said will have to go through a tough phase arranging the amounts in one go. He, however, hoped of some more clarity coming from the court in the next hearing.

Prem Anand, another home buyer said, “UCO Bank has launched online portal for payment. But there are several issues which need to be rectified under the supervision of the court.”