Providing relief to over 40,000 homebuyers stuck in as many as 16 Amrapali projects, the Supreme Court cancelled the RERA registration of projects by the Amrapali Group and appointed NBCC to complete all its pending projects.
Housing and Urban Affairs minister Hardeep Puri on July 23 welcomed the Supreme Court's judgment in the Amrapali case, saying that it has worked out 'exactly the way we expected it to'.
"…if the homebuyers have gone to the apex court, we as the government cannot be seen to be intervening, otherwise we would be undermining the process. Therefore, I am very happy that it is working exactly the way we expected it to. I am aware of the fact that the judgment has come. I have not read the judgment. My preliminary reaction for the record is that I welcome the judgment and look forward to study the judgment and to see how we can take it forward," he told reporters.
Providing relief to over 40,000 homebuyers stuck in as many as 16 Amrapali projects, the Supreme Court cancelled the RERA registration of projects by the Amrapali group and appointed the government's construction arm National Buildings Construction Corporation (NBCC) to complete all its pending projects.
A bench of Justices Arun Mishra and UU Lalit also cancelled the leases of Amrapali's properties granted by the Noida and Greater Noida authorities and directed the Enforcement Directorate to investigate alleged money laundering by CMD Anil Sharma and other directors and senior officials of the group.
It appointed senior advocate R Venkataramani as the court receiver. All rights of Amrapali properties will be vested with him after the cancellation of lease.
It also directed Noida and Greater Noida to give completion certificates to homebuyers already residing in various projects of the group within a month. It also asked the Centre and the state governments to take appropriate action against the builders who have not delivered the group projects on time.On May 10, the apex court reserved the verdict in the matter after Noida and Greater Noida authorities said they don't have the resources and expertise to construct stalled projects of the group.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 at 289. Use code FREEDOM.