13 Am­ra­pali projects with 35,000 homes face Rera au­dit

The Times of India (New Delhi edition) - - TIMES CITY - Van­dana.Keelor@ times­group.com

Greater Noida: The UP Real Es­tate Reg­u­la­tory Au­thor­ity (Rera) has or­dered a probe to col­lect fi­nan­cial de­tails and con­struc­tion sta­tus of 13 Am­ra­pali projects in Noida and Greater Noida, which col­lec­tively com­prise around 35,000 flats. Land for all these projects was al­lot­ted in 2009 and ’10.

De­bashish Panda, CEO of the Greater Noida In­dus­trial De­vel­op­ment Au­thor­ity (GNIDA), has been named the in­ves­ti­gat­ing of­fi­cer for what will es­sen­tially be an au­dit of these projects. The di­rec­tion came af­ter GNIDA told UP govern­ment the real es- tate com­pany was re­luc­tant to sub­mit fi­nan­cial records about its on­go­ing projects in the twin cities. Am­ra­pali’s Sil­i­con City in Noida is al­ready fac­ing in­sol­vency pro­ceed­ings af­ter Bank of Bar­oda filed a plea at the Na­tional Com­pany Law Tri­bunal.

Ac­cord­ing to an of­fice me­moran­dum is­sued by Rera chair­per­son Mukul Sing­hal for the in­ves­ti­ga­tion, the Am­ra­pali group was al­lot­ted seven plots in Noida in 2009-10 and six plots in Greater Noida. The com­pany was to build 12,000 flats in Noida and 23,000 res­i­den­tial units in Greater Noida. But no com­ple­tion cer­tifi­cate has so far been is­sued for any of these projects. Am­ra­pali could not be reached for a com­ment de­spite re­peated at­tempts. TOI will pub­lish their re­sponse when they re­vert with their com­ments.

Am­ra­pali owes Noida Au­thor­ity Rs 1,200 crore and GNIDA Rs 2,000 crore, of­fi­cials said. The in­for­ma­tion the au­dit seeks will in­clude floor-wise de­tails of flats in each tower of a res­i­den­tial project, the num­ber of flats sold, money col­lected from home­buy­ers, names and ad­dresses of the in­vestors and sta­tus re­ports (both tower-wise and project-wise).

The com­pany will also have to pro­vide a state­ment of funds still re­quired to com­plete con­struc­tion of each project, mon­th­wise com­par­a­tive ac­count state­ments of money spent and money re­ceived from home­buy­ers, bank state­ments show­ing avail­abil­ity of funds, bal­ance sheets of last five years, de­tails of land bank and net worth.

Panda said he had yet to re­ceive the or­der but was ex­pect­ing it. “We are al­ready pre­par­ing for the in­ves­ti­ga­tion,” he said. “Both the Noida and Greater Noida au­thor­i­ties are in the process of hir­ing a con­sul­tant that will col­lect in­for­ma­tion from the builder. Am­ra­pali group is a big de­faulter and there is an ur­gent need to con­duct a phys­i­cal and fi­nan­cial au­dit of the com­pany to find out how the firm in­tends to com­plete its projects,” he added.

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