The Supreme Court’s intervention in the Amrapali case has significantly revitalized housing projects, allowing many unsold units to find buyers. Attorney General R. Venkataramani revealed that 6,686 flats have been sold, generating ₹3,861 crore in revenue. This development marks a turning point for homebuyers and the construction sector.
- 6,686 flats sold, generating ₹3,861 crore in Greater Noida
- NBCC has completed construction of 25,000 flats
Significant Outcomes from Court Intervention
The Supreme Court’s involvement in the Amrapali( Greater Noida) case has been a game changer for the real estate sector. With a comprehensive status report filed recently, the court-appointed receiver disclosed that the National Buildings Construction Corporation (NBCC) has made considerable strides since it was assigned to complete the stalled projects in July 2019. R. Venkataramani noted, “The court’s intervention has not only safeguarded the interests of homebuyers but has also ensured project viability.” The NBCC has completed construction work, including finishing and electrical services, on approximately 25,000 flats. This remarkable progress has allowed the sale of many previously unsold units.
Financial Insights and Homebuyer Impact
Financially, the efforts to sell unsold units have paid off handsomely. According to the receiver’s report, a total of 4,959 unsold units were released for sale, among which 4,733 units were sold for ₹2,617 crore. By mid-January, ₹2,165 crore had already been realized. The report adds, “The NBCC has been instrumental in managing the sales process effectively.” Additionally, the sale of units categorized as defaulters has yielded ₹1,244 crore, with around ₹1,012 crore collected to date. The report indicates that out of 15,000 homebuyers, approximately 12,550 have verified their documents, allowing for the issuance of possession letters.
Looking Ahead: Future of Amrapali Projects
The future of Amrapali projects looks promising as the Supreme Court continues to oversee the recovery process. The court has also initiated a refund process for about 1,000 homebuyers who opted for refunds instead of possession. “The refund process is being conducted in phases, ensuring transparency and accountability,” Venkataramani stated. What remains critical is the ongoing cooperation between the various stakeholders involved, including NBCC and the court-appointed committee.
- Potential for further sales of unsold units
- Continued attention to homebuyer concerns
- Increased trust in the regulatory framework
- More robust financial oversight
- Possibility of resolving remaining disputes efficiently
As these developments unfold, it is clear that the Supreme Court’s decisive actions have not only protected homebuyers but also revitalized an entire sector. “The resilience shown in this case is a testament to the judiciary’s role in safeguarding public interest,” Venkataramani concluded.
