Will give details of Amrapali projects to SC, says Greater Noida authority

AMRAPALI WAS TO

FINISH 46,575 UNITS IN THE PROJECTS IN NOIDA AND GR NOIDA AND IT REQUIRES ₹8,550 CRORE TO DELIVER THESE UNITS, A SURVEY BY NBCC HAD REVEALED

GREATERNOIDA: The Greater Noida authority said on Tuesday it would provide required details about Amrapali Group’s realty projects in the city in compliance with the Supreme Court’s order.

On September 12, the apex court had sought details of Amrapali’s properties in Greater Noida, which could be sold to raise funds. The funds would then be used to finish incomplete dwelling units in different stuck housing projects in Noida and Greater Noida, officials said. Noida authority had already provided the details to the court.

“Our legal department is examining the court order. The authority will provide all requisite details as per the court’s order,” said KK Gupta additional chief executive officer, Greater Noida authority.

The SC had also ordered the auction of 16 projects of the Amrapali Group to raise funds so construction on the stuck housing projects in Noida and Greater Noida could be completed.

“The court sought details of six Amrapali properties located in Greater Noida after the builder claimed they had got the assets to raise funds. The court also sought details of saleable floor area ratio (FAR) available with Amrapali. Amrapali said it has approval of 3.5 FAR, but the authority said it had granted 2.75 FAR. The court wants to clear this confusion,” said Kumar Mihir, advocate representing the homebuyers.

According to the National Building Construction Corporation (NBCC), which conducted a survey following the SC’S direc- tion, there are 15 housing and one commercial projects started by Amrapali in Noida and Greater Noida. The firm was supposed to finish 46,575 dwelling units in the 15 projects and it requires ₹8,550 crore to deliver these units, the NBCC survey revealed.

The report went on to state that ₹3,853 crore could be raised through recovering ₹3,883 crore from buyers, who need to pay remaining flat costs. Moreover, ₹2,609 crore can be raised through selling unsold flats, the report said. There is a shortfall of ₹2,038 crore which needs to be managed, the report stated.

An Amrapali spokesperson said the properties that need to be auctioned are located in Raipur, Udaipur, Indore and Greater Noida.

According to officials Amrapali owes the Noida and the Greater Noida authorities ₹1,500 crore and ₹1,304 crore respectively.

“We have informed the court that we need to recover ₹1,500 crore and the Amrapali has a plot of 10 acre in sector 76, which can be auctioned,” said Santosh Kumar.

NBCC is seeking ₹1,000 crore to start construction at Amrapali’s stuck projects.