NEW DELHI: In a boost to Amrapali housing projects, which are being built under the supervision of the Supreme Court and facing a funds crunch, all parties concerned – including the court-appointed receiver, Noida and Greater Noida authorities, NBCC and homebuyers – have resolved their differences and agreed on a purchasable floor area ratio (FAR). This FAR could be used to construct over 13,000 additional flats, potentially generating Rs 15,000 crore.
Prodded by the apex court, Noida and Greater Noida authorities accepted the proposal of the court-appointed receiver and attorney general R Venkataramani, who is overseeing the management of Amrapali after its promoters were removed for syphoning of homebuyers’ funds.
A bench of Justices Bela M Trivedi and Satish Chandra Sharma approved the agreement reached among the parties after the homebuyers’ lawyers Kumar Mihir and Anchit Sripat also agreed to it.
It was agreed upon that the total balance amount against the purchasable FAR shall be paid by the receiver in two equal instalments – the first in Jan 2025 and the second in March 2025. The total cost of purchasable FAR of Greater Noida projects is Rs 509 crore, out of which Rs. 115.7 crore has been paid. Similarly, the total cost of purchasable FAR of its Noida project, Silicon City, is Rs 218.9 crore, which will be paid in two equal instalments.
As per NBCC estimates, 13,250 additional apartments would be constructed in five Amrapali projects in Greater Noida which would fetch Rs 15,000 crore. The amount will enable the company to meet the cost of construction of its pending projects and repay bank debts.
It was also agreed upon that the NOC shall be issued for Amrapali projects and Noida and Greater Noida authorities shall start the process of checking of drawings which have been submitted by NBCC. Also, Noida and Greater Noida authorities shall sanction building plans/layouts within 30 days after submission of these NOCs project wise.
Sending Amrapali’s chairman and other officials to jail for cheating thousands of homebuyers, the apex court had taken over the company in order to protect the interest of homebuyers and appointed Venkataramani as receiver to manage its affairs. It has passed a slew of directions to generate funds to revive the company and complete the construction. The apex court gave the task to NBCC to construct a total of 16 projects consisting of 46,575 units of which nine projects are situated in Noida and the remaining seven projects are in Greater Noida. As per NBCC, Rs 8,016.7 crore is required for completion of all the projects.
The court in its 2019 verdict held Amrapali Group and its CMD Anil Kumar and other directors responsible for siphoning off homebuyers money for personal gains and to expand their business empire. The court had said the group set up several dummy companies using names of office boys and peons to divert money.
It said the amount received by the group from homebuyers was more than that spent on construction and payment of the land and directed Enforcement Directorate to do a thorough probe against the group and its officials to track diversion of funds and to catch the beneficiaries.
