SC directs government to use stress fund for stuck Amrapali flats
Facing a fund crunch with cautious buyers so far paying up Rs 103 crore out of their dues of Rs 3,600 crore and NBCC refusing to invest money, the Supreme Court on Monday asked the Centre to consider using its stress fund for construction of stuck Amrapali housing projects. A bench of Justices Arun Mishra and U U Lalit directed the homebuyers to deposit their dues in the apex court by the end of January and granted a last chance to some entities, including Amrapali Group directors, to deposit the money they creamed off by diverting homebuyers’ money. It made it clear that the beneficiaries would be sent to jail like the CMD of the group in case they failed to comply. After taking over the group and appointing a receiver to manage the affairs of Amrapali companies in July, the SC has passed directions to streamline the process of construction and handover possession of flats to over 46,000 homebuyers. The task of the constructing the buildings has been given to state-owned NBCC but the work has not started due to lack of funds. So far, the total amount raised is Rs 180 crore. The estimated cost for construction of all housing projects is Rs 8,500 crore and amount recoverable from homebuyers and buyers of commercial areas is Rs 3,700 crore, 43% of the cost.
Tags : News/Views