Amrapali homebuyers deposit over Rs 266 crore in SC – ET RealEstate

NEW DELHI: With the Supreme Court taking steps to finish construction of the pending housing projects of Amrapali group, the homebuyers, who had been left in the lurch, have started depositing the amount due on them in the court’s registry to ensure completion of the construction work.

Appearing before a bench of Justices U U Lalit and Ashok Bhushan, senior advocate R Venkataramani, who was appointed receiver to manage the affairs of the group, told the court that homebuyers have deposited over Rs 260 crore in the last ten months as part of their dues.

He said this amount was paid by homebuyers themselves and an additional Rs five crore have been deposited by banks and financial institutions on behalf of the buyers as part of their home loan.

The receiver told the bench that he had not been able to get in touch with many home-buyers as they are not from NCR region but assured the court that he will be able to compile all the information by the end of the year. “We have found 1,603 loan accounts of home-buyers in various banks and financial institutions and an amount of Rs 1,238 crore could be raised if the banks and financial institutions release the remaining amount,” the receiver told the bench.

On a proposal of the court on whether the RBI could intervene to provide funds for completion of the Amrapali projects, the bank regulator told the court that it was for individual banks to take a decision and it cannot force banks to provide funds for court-monitored Amrapali projects.

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