Amrapali Group: Investors express hope, and some concernhttps://indianexpress.com/article/cities/delhi/amrapali-group-investors-express-hope-and-some-concern-5289234/

Amrapali Group: Investors express hope, and some concern

With the SC ordering the NBCC to submit a concrete proposal in 30 days on the unfinished projects, homebuyers — who have been waiting to gain possession of their flats for years — believe that their homes might now be finally within their reach.

Amrapali Group: Investors express hope, and some concern
At a protest by homebuyers last year. Archive

The National Buildings Construction Corporation (NBCC) Ltd Thursday told the Supreme Court it was ready to “undertake” all the unfinished housing projects of the Amrapali Group.

With the SC ordering the NBCC to submit a concrete proposal in 30 days on the unfinished projects, homebuyers — who have been waiting to gain possession of their flats for years — believe that their homes might now be finally within their reach.

Sima Saini, who had booked a flat in Amrapali Dream Valley in 2010, said, “This order has come after we have suffered and protested for a very long time. It finally seems like the completed flats might see the light of day.”
However, she also has concerns. “In the case of most buyers, 80-90% of the flat’s total price has already been paid to Amrapali. Now that NBCC will step in, will we be asked to pay more money to them?” she said.

“Another concern is the quality of construction, which will be done on these half-completed projects. Buildings are collapsing whenever it rains, and we shouldn’t be handed over similar poor constructions,” she added.
Other buyers, meanwhile, have developed a double financial burden over the years by purchasing a home elsewhere, after being made to wait for years.

KK Kaushal purchased another apartment in 2013 when it seemed unlikely that his Amrapali apartment would be completed in the near future. He is now paying EMIs on both the homes. “Hopefully, after the 30-day period given to NBCC, we will have a clear picture on the future of our homes,” he said.