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Here is the good news for Amrapali Group’s troubled home buyers, the Supreme Court was notified on Friday that 11,858 apartments will be delivered in 2 to 3 months, with 5,428 units being turned over in October.
Court receiver senior lawyer R Venkataramani informed a bench of Chief Justice UU Lalit and Justice Bela M Trivedi that during the impending Christmas season next month, 5,428 flats constructed by the NBCC will be provided to home purchasers with electricity and water connection.
“We are experiencing some troubles in delivering electricity and water connections to the remaining 6,430 completed flats, and once they are shorted out, they are delivered and they acquire completion certifications, these units will be turned over to home buyers in the next two to three months,” he said.
What Is The Revised Payment Plan For The Amrapali Homebuyers
The bench told Venkataramani that it is a significant development that out of the over 38,000 apartments to be built, more than 11,000 units have been turned over to flat buyers, and directed him to ensure that the flats are only handed over to house buyers once full payment is received.
He also provided financial breakdowns, stating that forensic auditors reported a value of Rs 3870.38 crore as the amount to be realised from home buyers, but after cross-checking, they discovered that the amount receivable is Rs 3,014 crore.
Venkataramani stated that out of the Rs 3, 014 crores, they have received Rs 1,275 crore from 22,701 home buyers, and the remaining amount is to be received from 7939 home buyers who have been issued show cause notices in this regard, and will be realised by October 2024, according to the payment plan.
How It Is Planned To Generate Revenue From Unsold Properties
He stated that when the forensic audit was conducted, the construction cost of over 45,000 apartments was estimated at over 8,000 crores with 12% GST, but now the GST has been increased to 18%, and the total construction cost for the remaining flats is 9296.81 crore.
He stated that revenues may be generated by selling 5229 unsold apartments and 1164 benami flats, the owners of which have not been identified at their addresses, have not contacted the court receiver, and have not registered with the site for house purchasers.
The NBCC, which is building Amrapali Group’s stalled projects, previously told the Supreme Court that at the moment, 10 projects in Noida and 12 in Greater counsels are under construction, totalling 45,957 units at an estimated cost of Rs 8,025.78 crore.
How Many Amrapali Group Homebuyers Were Declared Defaulters
The Supreme Court slapped the whip on errant builders in its July 23, 2019, judgement, ordering the termination of Amrapali Group’s registration under real estate code RERA and evicting it from prized properties in the NCR by voiding land leases.
As many as 3,278 Amrapali Group homebuyers were set to be declared defaulters in May by a committee appointed by the Supreme Court to complete unfinished projects of the bankrupt real estate firm because they have yet to enrol on the dedicated portal for homebuyers and have made any payment towards their property purchases over the past few years.