In the latest order of honourable Supreme Court, a ray of hope can be seen for home buyers in Noida, Greater Noida and other locations. The top Court of the country has told the government to interfere in the Amrapali and Unitech Group matter. The apex Court wants to know if central government can take over and complete the stalled projects for the interest of distressed home buyers.
The Court appointed two forensic auditors, Pawan Agrawal & Ravi Bhatia, have notified the highest Court of India that Rupees 9590 Crore can be recovered from Amrapali Group.
The Supreme Court seems to be quite irascible and angry with the debt-ridden Amrapali and Unitech Group over their move towards the cases against them. In its recent hearing, a bench of Justices Arun Mishra and U.U. Lalit imprecated Amrapali Group by saying “Will throw you out of these properties and transfer its lock, stock and barrel to Noida and Greater Noida Authority. We may cancel your ownership of 15 prime residential properties in NCR.”
The top Court of the country has squeezed Amrapali Group many times in the past year for their careless responses. In a hearing on August 2018, when Court has ordered Amrapali to submit a proposal to show how they would put 4000 Crore Rupees in their blocked projects. The Amrapali Group reverted with the proposal of selling its commercial properties worth Rs 400 Crore. The annoyed bench of judges warned the reality group not to play smart with the Court elsewise they will sell all the belongings of the company directors and make them homeless.
In another hearing on December 2018, the respected Supreme Court has called Amrapali Group a first degree liar and worst kind of cheater in the world.
Conversation between Top Court and Noida & Greater Noida Authorities
The highest Court of the country is showing its immense support to the 42000 helpless home buyers and taking as much action as it can take in the batch of pleas. In accordance with this, the Court has asked the National Buildings Construction Corporation (NBCC), Noida Authority and Greater Noida Authority, if they can complete these obstructed housing projects.
In reply to this, the lawyers of both the authorities Noida and Greater Noida said we don’t have the prerequisite resources and expertise to construct the incomplete projects that lie in our jurisdiction. They suggested the apex Court to rather assign this task to any reputed builder under the supervision of a high powered committee with designated deadlines.
Also, the authorities have informed the Court that time to time, they have issued a series of show cause notices to Amrapali Group in the matter of non-payment of dues (balanced lease amount) on time. But these real estate giants have shown no or less interest in paying the outstanding amount. The authorities also claimed that this is due to the interest of the bulk home buyers and political influence; they are not cancelling the lease of these reality developers. Otherwise, they would have cancelled the land lease of these construction companies very earlier and proceeded ahead.
Supreme Court strongly Criticised Authorities and Banks
The apex Court slammed the Greater Noida Authority, Noida Authority and Banks for remaining blind eye on the misconducts of the real estate groups in the past 10 years. The SC has accused the authorities and banks of being hand in glove (closely associated) with real estate developers in cheating public at large. Supreme Court said ‘you people are also responsible for these violations of norms and illegal activities carried out by Amrapali Group’. Bank of Baroda and Corporation Bank are two public sector banks among the 10 banks who lend loan to Amrapali.
Top Court expressed its worry by saying “Both Noida and Greater Noida Authorities haven’t done anything, no due diligence happened, no check done on irregularities committed and this way the corrupt officials have favoured the builders and cheated innocent people.” The Court admitted that if the Banks and Authorities have taken the substantial timely steps, then this would have saved multiple projects. “This mass scale cheating can only happen in India, but we can’t give death penalty for corruption,” the bench of the two judges added.