Delay in funds affecting NBCC work, Amrapali homebuyers told to clear dues

The SC had found that the erstwhile management of Amrapali Group had diverted the money invested by homebuyers.

The NBCC is currently working on 24 Amrapali projects at 16 locations. An NBCC source said seven of these projects are nearing completion and two — Sapphire 1 and Platinum & Titanium — had achieved “100% physical completion”.

NBCC director (commercial) K P Mahadeva Swamy told The Indian Express, “We are aiming to complete the Amrapali projects by December 2024, subject to realisation of funds from the homebuyers. Last week, the office of the court receiver wrote to all those who have not made payments requesting them to do so in 15 days.”

The receiver, who acts as the court’s agent, has the authority to receive and accept the property’s revenues and earnings.

On May 8, it is learnt, emails were sent to 4,405 buyers (who had registered but not made payments) asking them to clear the dues “with 12% interest within 15 days”.

The email said that NBCC had been directed by the court to complete the projects and the company set up for that, ASPIRE, had taken a loan to fund the construction. “Not getting payment or getting timely confirmation is creating hardship and financial crunch to fund the NBCC for construction. The money borrowed from the bank carries interest as well, which is to be paid to the financial institution,” the email said.

It said if no payments and documents were received in 15 days, then it would be assumed that the buyer did not have any interest in the unit and the matter would be decided on merit by the monitoring committee.

“You may also be aware that many defaulter units have already been cancelled and the said units have been put to sale for realising the money to be used towards construction,” it said.

In total, NBCC has so far achieved about 22% of the target of 38,159 units, with 8,900 units completed, as per another NBCC source. Structural work of another 23,500 units had been completed, the source added.

In addition, the company has sold 2,501 units as of May 11, leading to a collection of Rs 426 crore.

Ajay Bhan of the Amrapali Centurian Park Flat Buyers group said it is possible that the financial position of some homebuyers could have changed.

“There may be some who are not interested anymore; then there are those who have adopted a wait-and-watch stance as they have already waited for 10-12 years and will now see how long it takes for the completion; and then there are those who may be in a different financial position and not able to make payments,” Bhan said.