11K flats will be ready for possession for Amrapali homebuyers by Dec, 2K flats by Diwali

  • IANS
  • Stock Market News
11K flats will be ready for possession for Amrapali homebuyers by Dec, 2K flats by Diwali
Credit: © Reuters.

New Delhi, Oct 19 (IANS) Come this Diwali, nearly 2,000 flats will be ready for possession for the embattled Amrapali homebuyers, and by the end of this year, 11,000 flats will be ready for possession.

According to a source in the NBCC (NS: NBCC ), 1,000 flats are ready for possession in Amrapali Leisure Park; 500-600 flats are ready for possession in Amrapali Golf Homes; and 200-300 flats are ready for possession in Centurian Park Terrace Homes.

"The flats are ready. We are waiting for the electricity connection for these flats, which will be sorted soon. Rest everything is ready and the homebuyers can move in once electricity connection is provided. NBCC is coordinating with the concerned department to provide electricity at the earliest. By December end, a total 11,000 flats will be delivered to the homebuyers," said the source in NBCC.

Kumar Mihir, counsel for homebuyers in the Supreme Court, said: "Finally, the flats are ready for possession. There was a time when homebuyers, who had invested their life savings in purchasing these flats, doubted whether they would ever see them physically, and thought that the flats would continue to exist only on papers. With 2,000 flats ready now, it will be a big relief for the homebuyers."

On September 23, Supreme Court receiver and senior advocate R. Venkataramani had informed the apex court that 11,000 flats will be delivered in two to three months to Amrapali homebuyers, out of which 5,428 flats will be handed over in October.

Venkataramani had submitted before a bench headed by Chief Justice U.U. Lalit that 5,428 flats, which have been completed by NBCC, will be handed over to the homebuyers, along with water and electricity connection by next month in the festive season. The bench, also comprising justice Bela M. Trivedi, noted that giving possession of over 11,000 flats out of 38,000 flats is an important development.

The bench emphasised that the flats should be handed over to the homebuyers only after full payment is received. A counsel, representing the homebuyers, submitted that there are 1,970 defaulters, who have not cleared their dues despite notices, and their flats should be auctioned. He added that funds could be generated after selling 5,229 unsold flats and 1,164 benami flats.

Venkataramani had submitted that Rs 3870.38 crore has been given by forensic auditors, the amount to be realised from the homebuyers, but it has been found that amount receivable is Rs 3,014 crore and out of this Rs 1,275 crore was received from 22,701 homebuyers.

However, selling the unused and additional floor area ratio (FAR) has become a bone of contention between the Noida and Greater Noida authorities and the court receiver.

In a hearing on October 11, the Noida and Greater Noida authorities strongly opposed the plea to sell unused and additional floor area ratio (FAR) in Amrapali housing projects to raise funds for the completion of unfinished projects.

Senior advocate Ravindra Kumar, representing the Noida and Greater Noida authorities, contested the proposal for sale of FAR. A bench headed by the Chief Justice said the authorities should think out-of-box solution to resolve the issue with the unfinished housing projects, as thousands of homebuyers are yet to get possession of their flats.

The authorities' counsel said the unused FAR in the existing projects should be used for construction purposes.

Even on August 8, the Noida and Greater Noida authorities had strongly opposed court-appointed receiver's suggestion to sell unused floor area ratio (FAR) to raise funds to complete the unfinished Amrapali housing projects.

Kumar had told the Supreme Court that the court receiver's proposal has to be examined in light of provision of the lease deed, the building regulations, FAR utilised/sanctioned and actual construction at site, to find out whether any vacant land or FAR or both is available. Flat buyers, who were part of the court proceedings, also opposed the receiver's suggestion.

In July, the court receiver had told the apex court that there are many instances where a portion or part of land is lying unused, without any construction.

"In such cases, the available capacity of such portion of open land can be utilized in open market to generate sufficient resources for flat buyers' benefit. In his submission, the element of unused and unutilized FAR may as well be worth Rs 700 crores and if permission is granted by this court, the interested buyers may come forward for purchasing that component which is presently lying unutilised. This component in reality belongs to the home buyers and if sold, will help in carrying out construction of unfinished towers/flats," said the top court's order on July 25.

The receiver had submitted that the fact that the authorities were requesting for separation of such component is indicative that it is quite possible and permissible.



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