AMRAPALI HOME BUYERS

With India's new rules, home buyers will get much-needed relief and assurance

Amid rising real estate prices, concerns loom for home buyers fearing builder bankruptcy and legal woes, reminiscent of cases like Jaypee, Amrapali, and others. The insolvency of a single real estate group in Noida, Jaypee, has left nearly 20,000 home buyers awaiting the delivery of their homes. However, the Insolvency and Bankruptcy Board of India plans vital amendments to aid stuck home buyers and reassure new ones.

All stalled Amrapali's housing projects to be completed by Mar'25: NBCC CMD K P Mahadevaswamy

"NBCC is committed towards completing Amrapali Projects despite challenges. We are dedicating our resources so that the dream of house ownership of home buyers of the project is fulfilled. We expect to complete all the projects by March 2025," NBCC CMD K P Mahadevaswamy told PTI.

Supreme Court trashes bail plea of ex-CMD of Amrapali Group, says he doesn't deserve sympathy

Former CMD of Amrapali Group of Companies Anil Kumar Sharma has been denied bail by the Supreme Court. The court cited Sharma cheating thousands of homebuyers by siphoning off their life savings and hard-earned money as reasons for the rejection of his bail plea. The former CMD and other directors of the company were arrested after a forensic audit report highlighted the siphoning off of a large amount of homebuyers' money. The apex court had canceled registration of the Amrapali Group under real estate law RERA and ordered completion of 16 unfinished projects consisting of 46,575 homes by the NBCC.

'Yours is not a case of simple cheating': Bail plea of ex-CMD of Amrapali Group rejected by Supreme Court

The Supreme Court has dismissed the bail plea of Anil Kumar Sharma, the former CMD of Amrapali Group of Companies, who has spent over four years in prison for cheating thousands of home buyers and siphoning off their hard-earned money. The court refused to issue notice to the prosecuting agency and stated that Sharma did not deserve any sympathy.

Setback for builders in Noida, Greater Noida; SC refuses to recall its Nov 7 order

The bench noted that the undisputed facts which have come on record are that the initiation of proceedings in the first instance in Amrapali case was only confined to consider how to secure the interests of homebuyers of Amrapali Group of companies and at a later stage, interim application was filed by the Ace Group of companies and later few other group of companies also intervened in the proceedings.

Give management of Amrapali Group to UP govt if financial issues not resolved: Court receiver to SC

Advocates ML Lahoty and Anchit Sripat, appearing for home buyers, said though the NBCC, which was entrusted by the court the task to complete the stalled projects of the Amrapali Group of Companies in 2019, has completed around 3000 flats their possession cannot be handed over to the buyers for want of power and water connections.

SC extends medical bail of ex-statutory auditor of Amrapali Group

Additional Solicitor General S V Raju had earlier told the top court that Mittal played a grave role in diversion of thousands of crores of rupees of home buyers' money which is under investigation. In the supplementary complaint, the ED has alleged that Mittal, who was the statutory auditor of the group companies, had played a vital role in diversion of funds from the Amrapali Group to other sham/bogus companies as well as other group of companies having no business relations in the guise of inter-corporate deposits.

SC to set up fresh bench to hear pleas of home buyers against Amrapali Group

​​​A bench comprising Chief Justice D Y Chandrachud and Justice J B Pardiwala was urged by a counsel for home buyers to set up a fresh bench as the matters pertaining to the Amrapali group were being heard by a bench headed by the then CJI U U Lalit, who demitted office on November 8.

SC reserves verdict on sale of unused FAR of Amrapali projects

The apex court, in its July 23, 2019 verdict, had cracked down on errant builders for breaching the trust reposed by the home buyers and ordered the cancellation of registration of the Amrapali Group under real estate law RERA and ousted it from prime properties in the national capital region (NCR) by nixing the land leases. The top court had directed a probe by the Enforcement Directorate (ED) into alleged money laundering by realtors, providing relief to over 42,000 home buyers of the Amrapali Group with the verdict.

Over 11,000 flats to be handed over to Amrapali home buyers in next 2-3 months, Supreme Court told

​​Court receiver senior advocate R Venkataramani told a bench of Chief Justice UU Lalit and Justice Bela M Trivedi that 5,428 flats which have been completed by the NBCC will be given to the home buyers with electricity and water connection in the upcoming festive season .

'Our priority is Amrapali home buyers get their flats and their claims': SC

A bench of Justices UU Lalit and Bela M Trivedi indicated the sequence of priority to be considered by the court and said that at first, it would endeavour that every Amrapali Group home buyers get their homes and then their claim as the case may be.

Amrapali home buyers object to extra payment plan to meet fund crunch, SC fixes Jul 25 for hearing

The Supreme Court on Tuesday put on hold for the time being a proposed policy decision of the court-appointed receiver to collect from Amrapali home buyers Rs 200 per square feet of their units to meet the fund crunch as it took note of objections raised by flat buyers to the plan.

Amrapali home buyers asked to pay additional Rs 200/sq ft to meet shortfall

150 flats in stalled project to be given to Amrapali home buyers on Diwali

A bench of Justices U U Lalit and Ajay Rastogi appreciated the efforts after court receiver senior advocate R Venkataramani informed that 300 flats are nearing completion out of which 150 flats have been completed by NBCC and will be handed over during the upcoming festival.

Procedural delays, lack of consensus hinder delivery of ‘stuck homes’ despite resolution

In bigger cases, like Unitech’s, there has been little progress in completion of projects. In Amrapali case, NBCC could not achieve much in terms of construction due to lack of funds. In Jaypee case, the resolution plan is pending for National Company Law Tribunal (NCLT) approval.

SC asks Amrapali home buyers to clear their dues, warns failure may result in cancellation of flats

A special bench of Justice U U Lalit and Ajay Rastogi observed that the home buyers are under the impression that the court is facilitating construction of their stalled flats and managing funds and they are at a convenience to pay their dues, whenever they like.

Over 9,500 unclaimed Amrapali flats may be resold as SC directs final notice be given to buyers

An apex court bench said that the court receiver has pointed out two categories of home buyers--first category is of 9,538 home buyers who have neither registered so far in the Customer Data maintained by the office of the Receiver, nor have made any payments, subsequent to the judgment of the Court in July-2019.

Amrapali looks to complete course, brake time at Jaypee

Amrapali, with more than 30,000 flats to deliver in its housing projects, appeared to have found a resolution with the intervention of the Supreme Court and the appointment of court receiver R Venkatramani.

Amrapali's promoter hasn't deposited Rs 250 crore as required: Buyers tell SC

"More than Rs 250 crores siphoned/diverted money was required to be deposited by him (Anil Sharma) as per the judgment of July 23, 2019, but the same has still not been done," Amrapali home buyers' advocate ML Lahoty submitted to the apex court bench, headed by Justice Uday Umesh Lalit.

NBCC informs SC about completion of 230 units in Amrapali project

The NBCC also sought an assurance regarding future funds as it has employed almost 12000 workers at different sites. The bench directed the NBCC and receiver to give details of the funds requirement.

Issue Rs 625 crore from SWAMIH fund for six Amrapali projects: SC

After hearing the parties, the apex court directed that the SBI Caps will issue fund to the tune of Rs 625 crore from the SWAMIH Investment Fund for 6 projects, namely Silicon City 1 & 2, Crystal Homes, Centurian Park Low Rise, O2 Valley and Tropical Garden.

Amrapali homebuyers can pay outstanding dues in terms of NBCC’s payment schedule

Homebuyers of at least five projects, where only 10% work was completed, were demanding clarification on the Supreme Court’s order of last year where the apex court had said that homebuyers need to deposit the money in three months.

Amrapali case: Relief for realtors, SC asks banks to disburse stalled loans to home buyers