Government to Fund Amrapali Projects

With buyers not paying their dues of nearly Rs 3,600 crore and NBCC refusing to invest money in the unfinished Amrapali projects in Noida, government is funding the  stalled projects. The total estimated cost for construction of all housing projects is pegged at Rs 8,500 by NBCC. Though SC-appointed forensic auditors reported that around Rs 11,000 crore is the total recoverable amount, including money from buyers, which is sufficient to bear the cost of entire construction but the fund has not been generated as the process of auctioning the group’s assets is still on and those who benefited from the diversion of homebuyers’ money have not yet refunded the money despite repeated orders of the court.