Major relief for 42,000 Amrapali homebuyers: Supreme Court orders NBCC to complete stalled projects

Giving a major relief to over 42,000 homebuyers, the Supreme Court on Tuesday directed the National Buildings Construction Corporation Limited (NBCC) to complete the stalled projects of embattled real estate major. The Supreme Court also said that ED should investigate about money laundering and fraud, Zee Business TV reported. The verdict was pronounced by a bench headed by Justice Arun Mishra. Apart from this, the apex court has also ordered to suspend Amrapali Group's RERA registration. 

Earlier on May 10, the apex court had reserved the verdict in the matter after Noida and Greater Noida authorities said they don't have the resources and expertise to construct the stalled projects of Amrapali Group. Both the authorities had suggested to hand over the properties to a reputed builder under the supervision of a high powered committee. The authorities had also said that they cannot take any action like cancellation of lease agreements against the group, which regularly defaulted on payments, due to "bulk of home buyers" and "political weight".

This came after the top court on May 8 had said that it is planning to give ownership rights of all the 15 prime residential properties of Amrapali to Noida and Greater Noida Authorities as it has failed to fulfil its obligations towards 42,000 home buyers. The court had asked Noida authority to explain what action it has taken against Amrapali Group which was a "chronic defaulter" in payment of lease amount.

#BreakingNews | #Amrapali के घर खरीदारों को बड़ी राहत। #SupremeCourt का बड़ा फैसला, NBCC पूरे करेगी आम्रपाली के अधूरे प्रोजेक्ट..कोर्ट ने कहा ED करें मनी लॉन्ड्रिंग और धोखाधड़ी की जांच। pic.twitter.com/zwfYBKg8qv

— Zee Business (@ZeeBusiness) July 23, 2019

As both the authorities had shown reluctance in taking over the stalled projects, the court had hinted that the National Buildings Construction Corporation (NBCC) Limited could be one of the option. 

The Supreme Court had also said that it would throw Amrapali out from its properties and transfer its lock, stock and barrel to Noida and Greater Noida. Earlier in February, the apex court had allowed the Delhi police to arrest Amrapali group CMD Anil Sharma and two directors on a complaint that home-buyers of their various housing projects were cheated and duped of their funds.