Amrapali Cheated Homebuyers, Says SC; Cancels Registration Of All Amrapali Group Companies Under RERA
Amrapali Group Crisis
New Delhi: In a major decision and sight of relief to hundreds of home buyers, the Supreme Court on Tuesday directed the cancellation of registration of all companies under Amrapali Group and said the real estate firm’s properties will be sold to recover homebuyers’ money.
A bench headed by Justice Arun Mishra and Justice UU Lalit said, will deposit the rest of the money towards the houses in three months to be held in fixed deposit accounts in a bank.
It directed state-run National Buildings Construction Corporation (NBCC) to complete the unfinished housing projects in Noida and Greater Noida using the money from home buyers to finish the houses and hand those over to them.
The bench also directed the Enforcement Directorate to conduct a detailed investigation against the group for diverting homebuyers’ money. The agency will submit its report to the court.
Reacting to the judgement, advocate Ashwarya Sinha representing over 2,000 home buyers, said that,”This is a landmark judgement. Builders have taken benefit of innocent home buyers for long but this judgement will bring in fear of law to such unscrupulous realtors. This also shows that authorities must also be held responsible for the lapses on their part.