The Supreme Court has upheld the Allahabad High Court order quashing the acquisition of about 156 hectares of land from farmers in Greater Noida and giving it to builders. Many real estate companies such as Amrapali and Supertech had already started projects on the land. The SC has estimated Rs 10 lakh as the cost of land nad has asked the Greater Noida Industrial Development Authority to return the land to the farmers. Anil Kumar Sharma, Chairman of the Amrapali Group joins CNBC-TV18 to discuss the implications of this ruling on their business and their financials.
Below is the verbatim transcript of the interview Shereen Bhan has with Anil Kumar Sharma. Also watch the accompanying video Q: At what stage is the construction as far as your particular project is concerned on that land?A: I had one project, the Amrapali Smart City. After the decision of the honorable High Court on 11th May, we had decided to scrap this project. We had requested our buyers to either shift to some other project or if they want their money back, we were ready to do that. We had already established a redressal department where most of the buyers approached and they got it shifted and 2-3% who wanted their money back we have already refunded them. Few who were out of station, we had conveyed the message that their option is awaited. Q: Can you take us through how many buyers in all were involved as far as this particular project was concerned and what kind of a financial impact will this have on Amrapali? How much have you already refunded at this point in time and what is the kind of financial impact on you?
A: There were 4000 buyers. Out of that, we have crossed more than 3500 settlements. Read: SC sets aside Noida Extension land acquisition Q: Which are these other projects that you have moved these 3500 buyers to?
A: We have shifted some of them to Golf Homes, some of them in some other projects nearby like Terrace Homes and Leisure Valley. Q: What is the total amount involved by way of refund and compensation?
A: Some of them preferred to get interest. So we gave them their money back with the interest.
Q: Can you give me a absolute number of the kind of money that you have paid out so far in terms of the refund plus the compensation by way of interest?
A: I think more than Rs 5 crore we have already refunded them. Amrapali doesn
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