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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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 — — and, 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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NBCC kicks off construction at Amrapali Dream Valley-II – ET RealEstate

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NOIDA: In a major relief to Amrapali buyers, NBCC on Wednesday kicked off construction work at Dream Valley Phase–II, a stalled real estate project where the government-backed construction company has to complete 8,302 flats.

NBCC has awarded the project to Girdhari Lal Constructions and Altis Holding Corporation joint venture. A ‘bhoomi pujan’ was conducted at the project site on Wednesday.

Meanwhile NBCC officials told TOI that at present construction activity is in progress at 18 Amrapali projects in Noida and Greater Noida. The completion dates for a total of 39,017 residential units in these projects range from nine months to 36 months.

“So far, 695 units have already been handed over and around 2,500 more are likely to be given to investors by March 2021. The construction work at 18 projects are in full swing and to maintain the speed of construction, the homebuyers should promptly pay their dues,” NBCC senior executive director RK Aggarwal said.

NBCC has engaged 15,000 workers, over 100 engineers and 70 senior engineers for the completion activity, company sources said. “To help dust mitigation at project sites, we have installed 19 anti-smog guns. The entire construction process is being supervised by court receiver, R Venkatramani,” Aggarwal said.

“In addition to these projects, the tenders for Greater Noida projects — Leisure Valley-Varona Height 1 & 2 comprising 4,964 units — are likely to be awarded soon. Similarly, the tender process for Heart Beat-1 & 2, comprising 1,976 residential units, is in process,” the NBCC official said.

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