Directors of real estate major Amrapali surrender their passports
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Directors of real estate major Amrapali surrender their passports

 Amrapali directors assure the flat buyers that they will complete all the projects on time and that they need not entertain any doubts on this regard.

Directors of real estate major Amrapali surrender their passports

The top management of Amrapali Group, a real estate giant, has appealed to the flat buyers in Noida and Greater Noida not to panic and that they would complete all the housing projects at the earliest.

Flat buyers had been holding indefinite hunger strike against the builders – three of whose directors on Sunday surrendered their passports with BN Singh, district magistrate – in front of their Sector 62 office.

In a bid to gain their trust, the builders gave a 10-page letter to the administration, detailing all their efforts to complete all the housing projects. In the letter, directors Anil Sharma, Ajay Kumar and Shivpriya said that they were working hard to complete all the projects.

The directors said they were aware of their responsibility towards their buyers, investors and district administration and appealed to the flat buyers not to panic.

 

 

The Amrapali group directors assured the flat buyers that they had a huge land bank and purchasable FSI in housing projects in Noida and Greater Noida. Their loan commitments to the bank too were far less than the value receivable from development of different housing projects. The details of it will shortly be shared with administration, they said in the letter.

The letter further states that the company has opened up escrow account to build  confidence among them.

The company is also in talks with reputed builders under the project settlement policy for the development of FSI and for clearing dues of the banks and Noida authority.

The trio assured the people that they were not about to flee the country. It is to gain the buyers confidence that they had deposited their passports with the district magistrate, they said in the letter.