Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
2-min read

SC to Pronounce Verdict in Amrapali Case Today, Over 42,000 Home Buyers Hope to Get Relief

The SC on May 8 said that it may give ownership rights of all the 15 prime residential properties of Amrapali to Noida and Greater Noida Authorities as it has failed to fulfill its obligations towards 42,000 home buyers.

PTI

Updated:July 23, 2019, 9:49 AM IST
facebookTwitterskypewhatsapp
SC to Pronounce Verdict in Amrapali Case Today, Over 42,000 Home Buyers Hope to Get Relief
Illustration by Mir Suhail/News18.com
Loading...

New Delhi: The Supreme Court will pronounce verdict on Tuesday as to who would complete the stalled projects of embattled real estate major Amrapali Group to give respite to over 42,000 hassled home buyers.

A bench headed by Justice Arun Mishra will pronounce the verdict in the case.

The apex court reserved the verdict in the matter on May 10 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 favoured handing over the properties to a reputed builder under the supervision of a high powered committee.

The authorities had expressed inability to 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".

Both the authorities told the apex court that they have outstanding of around Rs 5,000 crore from Amrapali towards the principal amount and interest component, besides the penal interest.

The top court on May 8 said that it may 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 bench had then reserved its verdict on the question as to who will take over the management control and which builder or developer should finish the stalled projects of Amrapali.

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.

Noida authority said that under their jurisdiction they have seven projects of Amrapali and they have an outstanding of nearly Rs 2,000 crore while they had received only Rs 505 crore.

It had conceded that besides issuing repetitive show cause notices to Amrapali Group for defaulting in payments to Noida, they have not done anything.

Similar stand was taken by Greater Noida authority which had said that Amrapali Group has five projects under its jurisdiction out of which four are vacant lands and no construction has taken place.

Greater Noida authority had said that Amrapali has an outstanding of around 3400 crores and has paid only Rs 363 crores till now.

After the reluctance shown by Noida and Greater Noida, the top court had indicated that the National Buildings Construction Corporation (NBCC) Limited could be one of the option to complete the stalled projects.

The court appointed forensic auditors — Pawan Aggarwal and Ravinder Bhatia — have found wide scale irregularities in the financial affairs of Amrapali Group and their initial report has suggested that over Rs 3,000 crore of home buyers money.

On May 8, the apex court had said that it would throw Amrapali out from its properties and transfer its lock, stock and barrel to Noida and Greater Noida.

On February 28, 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.

The top court, which is seized of several pleas of home-buyers seeking possession of around 42,000 flats booked in projects of the Amrapali group, also ordered attachment of personal properties of the CMD as also its directors — Shiv Priya and Ajay Kumar.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 556.65 1.07
Reliance 1,291.60 1.06
Yes Bank 78.35 -1.38
Sun Pharma 428.55 3.34
HDFC Life 551.00 2.01
Company Price Change %Gain
IndiGrid InvIT 86.60 -1.48
Indiabulls Hsg 556.95 1.06
Yes Bank 78.25 -1.51
SpiceJet 148.80 3.69
Sun Pharma 428.55 3.33
Top Gainers
Company Price Change %Gain
Bharti Infratel 258.80 3.85
Sun Pharma 428.15 3.24
Dr Reddys Labs 2,554.90 2.50
ICICI Bank 426.60 1.83
NTPC 119.85 1.74
Company Price Change %Gain
Sun Pharma 428.45 3.30
ICICI Bank 426.05 1.65
NTPC 119.85 1.70
Larsen 1,357.45 1.69
Axis Bank 685.45 1.47
Top Losers
Company Price Change %Gain
Power Grid Corp 206.80 -2.06
Yes Bank 78.35 -1.38
GAIL 128.35 -1.00
Tata Steel 359.65 -0.94
Vedanta 143.20 -0.83
Company Price Change %Gain
Power Grid Corp 206.65 -2.18
Yes Bank 78.35 -1.38
Tata Steel 359.80 -0.84
ONGC 127.25 -0.70
Vedanta 143.20 -0.76

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results