Centre's stand differs on Amrapali, Unitech
Amrapali Group and Unitech, both are mirror images of a housing mess, which has left close to 50,000 homebuyers in the lurch. The Centre is striving to devise a resolution, which it can consistently implement in sorting the mess in Delhi-NCR. Both real estate groups are under litigation in the Supreme Court. In December 2019, for Amrapali Group, the Centre made an application having a five-point criterion for financing the selected stalled projects. But for Unitech, the Centre refused to infuse funds from the Rs 25,000 crore corpus created to salvage stalled residential projects. Attorney General K.K. Venugopal on Monday told the Supreme Court, during the hearing on Unitech, it cannot dig into the Rs 25,000-crore fund for homebuyers, as these funds are not meant for housing projects under litigation in the Supreme Court and the High Court. Unitech is in the thick of financial mess as a consequence of siphoning of more than 50% of money deposited by individuals and financial institutions. Advocate M.L. Lahoti, who represents thousands of homebuyers' in Amrapali and Unitech, said the Centre's stand on resolving the housing projects issue is not consistent. In Amrapali Group, the top court directed SBICAP Ventures Ltd to decide on financing the uncompleted projects of the defunct Amrapali Group. "The Centre had gone on record by placing the application of SBICAP Ventures Ltd. (in Amrapali matter) with respect to the process for selection of stalled projects for funding of SWAMIH Investment Fund-U and corresponding timeline. But, in Unitech, they have refused to infuse to complete the unfinished projects", said Lahoti.
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