SC gives permission to NBCC to start work on stalled Amrapali housing projectshttps://indianexpress.com/article/india/supreme-court-nbcc-start-work-stalled-amrapali-housing-projects-5555068/

SC gives permission to NBCC to start work on stalled Amrapali housing projects

With this, the almost decade-long wait for thousands of homebuyers to get possession of flats in the stalled housing projects seems to be nearing an end. The NBCC has committed to start work from February 8 and deliver 2,643 flats in a year.

Apart from the homebuyers, the Friday order would spell huge relief for the Amrapali investors also. 
Apart from the homebuyers, the Friday order would spell huge relief for the Amrapali investors also.

The Supreme Court on Friday gave permission to the government-owned National Buildings Construction Corporation (NBCC) to start work on two stalled Amrapali housing projects. The top court has now posted the matter for hearing on February 11.

With the apex court’s decision, the almost decade-long wait for thousands of homebuyers to get possession of flats in the stalled housing projects seems to be nearing an end. The NBCC has committed to start work from February 8 and deliver 2,643 flats in a year.

The development came after NBCC officials, acting on the court’s direction, held a meeting with ML Lahoty, the lawyer representing homebuyers, and finalised a blueprint to start construction on various housing projects. More than 46,000 buyers are awaiting promised flats.

As per the proposal by NBCC, it will in the first phase take up three housing projects — Sapphire I and Sapphire II in Noida and Castle in Greater Noida. The corporation agreed to start construction with the total cost involved adding up to Rs 77.54 crore.

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Apart from the homebuyers, the Friday order would spell huge relief for the Amrapali investors also.

Earlier, the apex court had placed Amrapali officials under arrest and ordered a forensic audit of accounts. It had asked the group to “stop playing hide and seek”. Top Amrapali officials were also kept in a hotel under police detention and asked to attend office every day to hand over documents to the probe team.

On December 5, 2018, the Supreme Court had directed attachment of Amrapali Builder’s five-star hotel, corporate office and other properties. The top court also directed the Debt Recovery Tribunal to sell the properties of the embattled real estate firm.

A bench of Justices comprising Arun Mishra, UU Lalit and DY Chandrachud have been dealing with a batch of petitions filed by home buyers who are seeking possession of around 42,000 flats, booked in projects of Amrapali Group. The company is responsible for the diversion of home-buyers’ money.