The Supreme Court on Tuesday handed over all the stalled projects of the beleaguered Amrapali Group to state-owned construction company NBCC. This is expected to bring relief to 42,000 home buyers, who were left stranded after Amrapali reneged on its commitment to hand over flats within the promised timeline.
The apex court also cancelled the registration of the Amrapali Group of companies under the Real Estate (Regulation and Development) Act (RERA). Additionally, it pronounced that Noida and Greater Noida authorities will have no rights to sell the flats of the home-buyers or the land leased out for realisation of dues. Their dues will have to be recovered from the sale of other company and personal properties which have been attached, it said. The direction holds good for the recovery of the dues of the various banks, too.
Tripartite agreement
The court directed Noida and Greater Noida authorities to execute the tripartite agreement within a month for the projects of aggrieved home-buyers. They should also issue completion certificates notwithstanding that the dues are to be recovered by the sale of the other attached properties. The apex court also directed the home-buyers to deposit the outstanding amount under the agreement entered into with the promoters within three months from the date of judgment. The deposited amount will be invested in fixed deposits and disbursed under the order of the Supreme Court on the phase-wise completion of the projects/work executed by NBCC. The percentage of commission of NBCC is fixed at 8 per cent of the cost incurred. A two-judge Bench of Arun Mishra and UU Lalit also appointed senior advocate R Venkataramani as the court receiver.
He will execute (through an authorised person) the tripartite agreement and ensure that the title is passed on to home-buyers and possession is handed over to them. The ruling will bring relief to 42,000 home-buyers who were left stranded after Amrapali reneged on commitment to hand over flats within the promised timeline.
