Amrapali Projects: NBCC Sells 6,686 Units Of Defaulter Homebuyers, AG Tells Supreme Court

The Supreme Court had asked the AG to furnish the latest status report of unsold assets or where the homebuyers did not turn up despite efforts to reach out to them.

PTI

(Photo Source: Wikimedia Commons)

The Supreme Court has been told that the National Buildings Construction Corp., which was entrusted with the task of completing the stalled projects of Amrapali Group, has completed around 25,000 flats and sold 6,686 flats of defaulter homebuyers to raise an amount of Rs 3,177 crore till date.

In his latest status report, Attorney General R Venkataramani, who has been appointed court receiver by the Supreme Court, told a bench of Justices Bela M Trivedi and Satish Chandra Sharma that the apex court in August 2021 allowed the NBCC to sell unsold inventory after giving due opportunities to the defaulter homebuyers.

The AG said, "The court receiver has released 4,959 unsold units to the NBCC for sale. Requisite number of units have been excluded to resolve dual allotment cases, defaulter categories and few other genuine claims which are in good number. Out of the 4,959 units, 4,733 units were sold for a total sale value of Rs 2,617 crore while Rs 2,165 crore has been realised till Jan 15, 2025."

Venkataramani told the bench, which took up the matter on Thursday, that 1,953 units of defaulter and "registered but not making payment" category have been released to the NBCC for sale.

He added that these units were sold for a total sale value of Rs 1,244 crore against which around Rs 1,012 crore has been realised till January 15, 2025.

"Altogether, including both the categories, 6,686 units have been sold by NBCC for a total sale value of Rs 3,861 crore, and the office has received a total payment of Rs 3,177 crore," it said.

Venkataramani in his status report further submitted that around 1,000 homebuyers have given confirmation for refund of their amount already paid to the Amrapali Group over delayed possession of their units or other reasons, and subject to availability of funds, they are paid the amount in batches.

"To raise funds for the completion of the project, the units of the homebuyers who sought refund after settling their claims can be released to the NBCC for sale. Subject to the availability of funds in hand, the committee decided to refund the homebuyers in slots.

"As a first slot, consisting of 420-odd homebuyers, the committee through forensic auditor Ravi Bhatia has initiated the process of refund by verifying their documents. The committee has refunded around 200 homebuyers," he said.

The AG told the bench, "The NBCC has completed all the incomplete structures, including finishing, electrical and allied services work, of around 25,000 flats (which also include 3,231 units sold by the NBCC). The NBCC has also applied for various NOCs like fire NOC, lift NOC, etc., for all the 25,000 flats."

He further submitted that the concerned departments, however, have issued NOCs for around 20,000 units while the remaining are in process.

"Further, there are around 5,000 units where the NBCC has applied for electrical connection long back but connection has been provided recently by the department. Therefore, the office of the receiver will start the NOC-possession process for these 5,000 units from March onwards," the status report said.

The AG said these 25,000 flats, which were completed by the NBCC from 2020 till December 2024, are in various Amrapali projects situated both in Noida and Greater Noida areas.

"In the process, only 15,000 homebuyers have submitted their documents for verification. Out of the 15,000 homebuyers, around 12,550 existing homebuyers and 1,000-odd fresh homebuyers who have bought unsold units and have cleared all dues were given NOCs and possession letters," Venkataramani informed the court, giving a break-up of each projects completed by the NBCC.

On Jan. 9, observing that bookings will be cancelled and flats will be sold to other buyers, the top court took a dim view on homebuyers not turning up to take possession of flats in the Amrapali projects being completed by the state-owned NBCC.

It had asked Venkataramani to furnish the latest status report of unsold assets or where the homebuyers did not turn up despite efforts to reach out to them.

The apex court in its July 23, 2019, verdict had cracked whip on errant builders for breaching the trust reposed by the homebuyers, and ordered the cancellation of Amrapali Group's registration under real estate law RERA, and ousted it from prime properties in the NCR by nixing land leases.

The top court, which is trying to bring in funds for the stalled projects, appointed a court receiver as custodian of the properties of Amrapali Group.

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