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New Delhi: It is expected that Amrapali Homebuyers will not have to sacrifice and forego the amenities and common areas that were promised to them at the time of booking the flats. Supreme Court Indicated on Tuesday that the common areas which were approved earlier should not be disturbed and asked national building construction corporation ,NBCC) To give proposal on Unutilized Floor Area Ratio (FAR).
A bench of Justice Ajay Rastogi and Justice Bela M Trivedi, which was examining various options for raising funds to complete the project, said that whatever facilities and common areas have been sanctioned should not be tampered with.
Amrapali homebuyers are strongly opposing the proposal to subdivide the plot by selling the unused FAR and selling their unused portion to raise funds for the construction. The court had earlier also questioned the homebuyers for demanding all their problems to be resolved by the court, but they were not ready to sacrifice anything and extend a helping hand to those who have lost their flats. The possession was not received.
The court proceedings also saw a heated exchange of words between NBCC and the Noida Authority as they differed on the unutilized and purchasable FAR. The apex court-mandated PSU to construct the Amrapali project took a jibe at the Noida Authority, saying the authority was a “den of corruption” which was sleeping like ‘Kumbhakarna’ while Amrapali’s promoters. But now they are objecting to all its proposals to revive the projects.
Attorney General R Venkataramani, who is also the court-appointed receiver to manage the affairs of the Amrapali Group and has been exploring various options over the past three years to raise funds to complete the housing projects, has sought to sell the previously unused FARs. proposal was issued. He told the bench that there is no magic solution available to the problem of paucity of funds and this is the best and easiest way to generate money and it can fetch around Rs 1,000 crore.
But home buyers and the authority insisted that the funds could be raised by selling properties of Amrapali’s former promoters and directors as per the forensic auditor’s report and the option of sale of FAR should not be exercised. Homebuyers are opposed as the sale of the FAR or the alienation of the plot would reduce the common area for parks and other activities.
After the apex court took over the Amrapali Group, NBCC was given the task of building a total of 16 projects comprising 46,575 units, of which nine projects are located in Noida and the remaining seven projects are in Greater Noida. According to NBCC, Rs 8,016.68 crore is required to complete all the projects.
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