SC to examine demand for compensation for Amrapali flat delay – ET RealEstate

NEW DELHI: As many flats have so far been constructed in Amrapali’s various housing projects under the supervision of the Supreme Court and are ready to be handed over, the court on Monday agreed to examine the demand of home-buyers for compensation for delay in getting possession.

The court, however, made it clear that no compensation would be considered for the period after it took over the management of the real estate firm in 2019 and appointed receiver to finish the pending projects.

A bench of Justices U U Lalit and Ashok Bhushan sought assistance from advocate M L Lahoty, appearing for some of the home-buyers, to decide the issue. The court asked him to file a response by April 19.

The court passed the order after SC-appointed receiver and senior advocate R Venkataramani told the bench that home-buyers who are yet to clear all the dues are asking for compensation for delay in getting possession.

“In the course of verification of home-buyers belonging to Zodiac, Silicon City and Eden Park, an issue has been raised that while considering the amount recoverable from or payable by home-buyers, delay possession compensation be allowed as an adjustment,” he told the bench. The receiver, however, said a substantial amount will have to paid to homebuyers if the compensation is allowed.

The compensation amount for delay could be very substantial as in some cases the delay period has been more than a decade. The court said it will examine the issue and posted hearing for April 19.



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Noida: Process begins to register 312 flats in Amrapali Eden Park – ET RealEstate

NOIDA: Amrapali Eden Park is the latest Amrapali Group project in Sector 50 where the registry process has been initiated. Earlier this month, the Noida Authority had finalised the list of about 9,500 flats, where the execution of tripartite sub-lease deeds was pending.

The Supreme Court-appointed receiver R Venkataramani has been verifying the documents to expedite the registry process, along with staff members of the state-owned NBCC. Earlier this month, the authority had issued 938 temporary occupation certificates to pave the way for registration of flats in Sector 119 located Amrapali Platinum project. Special camps to facilitate registry of flats at Eden Park were held on March 26 and 27, and resumed on Tuesday post-Holi break.

Assistant inspector general of stamp and registration department, SK Tripathi said 312 flats in Eden Park have to be registered. Meanwhile, NBCC has set up offices at the project site to deal with queries.

In July 2019, the Supreme Court appointed the receiver to control the housing projects left behind by the group in Noida and Greater Noida.

Noida Authority is trying to complete the registration of flats in half a dozen housing projects — Sapphire, Eden Park, Princely Estates, Zodiac, Platinum and Silicon City. Silicon City is the project where the maximum number of registries are pending.



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Rs 625 crore for unfinished Amrapali projects to be released by next week – ET RealEstate

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NEW DELHI: The Supreme Court was on Thursday informed that SBI Capital fund of Rs 625 crores is finally going to be released by the next week to finance the six unfinished projects of Amrapali real estate company to ensure delivery of flats to the homebuyers.

A bench of the apex court, headed by Justice Uday Umesh Lalit, was hearing the petitions filed by many Amrapali real estate homebuyers in Noida and Greater Noida after they failed to get their homes at the right time as promised by the builder.

Housing and Urban Development Corporation (HUDCO) has today also shown its inclination to finance Amrapali projects with certain conditions and to this, the top court had asked lawyer, M L Lahoty, advocate appearing for many homebuyers, and Noida/Greater Noida authorities for their response on the same by tomorrow morning.

Apart from this, the apex court today rejected the applications of the Economic Offences Wing (EOW) to transfer all first information reports (FIR) in Uttar Pradesh to Delhi police in the case and made it clear that the other recovery issues going on in this court, and the hearing will be continued tomorrow morning.



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Over 5,000 pending Amrapali flats up for grabs in Noida – ET RealEstate

NOIDA: State-run construction company NBCC has put up for sale over 5,000 unsold flats at various Amrapali projects in Noida and Greater Noida to help generate revenue for completing the different pending projects of the real estate group in the twin cities.

The sale of 5,229 unsold flats will be conducted by Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE), a company floated by NBCC to complete the pending Amrapali projects, under the supervision of the Supreme Court-appointed court receiver. And the sale date is expected to be announced through the website of the court receiver — www.receiveramrapali.in — and nbccindia.com, TOI has learnt.

In Noida, the flats put up for sale are from Sapphire I, Sapphire II, Silicon City 1, Silicon City 2, Princely Estate, Crystal Homes (Sector 76), Heart Beat City 1 & 2, Platinum and Titanium, and Zodiac. In Greater Noida, the units put up for sale are from Castle, Leisure Valley Villas, Leisure Valley-Adarsh Awaj Yojna, Leisure Valley-Verona, Leisure Park phases 1&2, Leisure Park-River View, Golf Homes, Kingswood, Centurian Park-O2Valley, Terrace Homes, Tropical Garden, Dream Valley-Villa and Enchante.

Amrapali’s various projects have a total of 46, 575 flats, of which some 8,416 units are currently getting registered. At present, NBCC is in the process of constructing 38,159 flats, of which 5,229 units are still unsold. And of the total that NBCC has to deliver, 1,031 units have already been completed. Unused floor area ratio (FAR) of the projects are also set to be put up for sale.

NBCC has so far completed and delivered Eden Park (Noida) and Castle (Greater Noida). The entire Amrapali project is slated for completion and delivery by December 2023. “The construction of all Amrapali projects are in progress and we are working simultaneously at many sites. At this stage, we are planning to sell the unsold flats to infuse funds. The buyers are also urged to pay up their dues on time,” an NBCC official said.

The commercial units of Amrapali, too, are likely to be put up for sale soon and include shops, nursery schools, nursery homes and milk booths, officials said.

NBCC has officially engaged over 15,000 workers and more than 100 engineers from its executing agencies, and 70 of its own engineers are also deployed at the Noida and Greater Noida project sites. The company has also installed 19 anti-pollution guns at different project sites to mitigate dust pollution. The projects are being executed under the supervision of the court receiver.



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