Amrapali case SC to pronounce verdict today

first_imgNew 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. Also Read – After eight years, businessman arrested for kidnap & murderBoth 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. Also Read – Two brothers held for snatchingsThe 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.last_img

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