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SC orders National Buildings Construction Corp to complete Amrapali projects
On Thursday, the Supreme Court had ordered the public sector construction company, NBCC, to complete Amrapali project in which more than 43,000 people invested their money to buy a home
NEW DELHI: On Thursday, the Supreme Court had ordered the public sector construction company, NBCC, to complete Amrapali project in which more than 43,000 people invested their money to buy a home.
Justices Arun Mishra and U U Lalit, in a bench, came to a conclusion that the corporation is to protect the investors. A comprehensive plan, how it will finish the project, was said to be prepared in 30 days by the court to the corporation.
“The builder is complying with the order and construction work on some of the projects had resumed with the help of co-developer,” said Gaurav Bhatia, advocate for the Amrapali Group. He also presented the account details and PAN numbers of all 40 companies. He added saying, “The group is not averse to NBCC taking over the project but the co-developers should be allowed to go ahead to complete the construction.”
“They(home buyers) have no faith in the company and all projects be handed over to NBCC,” said M L Lahoti, advocate representing some of the home buyers. Then the court had ordered the group to stay away from the project and handed it over to NBCC.
The company required Rs 4,300-4,900 crore for completing the projects. It includes many house projects with 170 towers in Noida and Greater Noida.
Estimation reports say that Rs 452 crore is needed to complete five projects in Noida. Some of the portions were given to buyers but investment was needed to install lifts and other essential infrastructure for the buildings.
The official auditor of the group is directed to track diversion of Rs 2,765 crore of home buyers money. The court had asked Bhatia to submit all the required documents and account books.
