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Amrapali verdict pleases home buyers

By IndianMandarins- 24 Jul 2019


Thousands of homebuyers, including the Editor-in-chief of this website, are highly pleased with the no-compromise attitude of the judiciary, PM Narendra Modi, and UP CM Yogi Adityanath against the powerful builders' lobby in Delhi and Lucknow. Many happily point out that what has happened to Amrapali Group now couldn't have happened during the SP or BSP regimes that were seen the hand in glove with builders.

Thousands of home buyers heaved a sigh of relief on Tuesday when a Supreme Court bench canceled the registration of the Amrapali group and assigned to public sector National Buildings Construction Corporation (NBCC) the task to complete all the Group's pending projects. For the first time in years, buyers were hopeful that their investment might be recovered now.

The court canceled the group's registration under the Real Estate Regulatory Authority Act. It reasoned that the home buyers' money was diverted in violation of the Foreign Exchange Management Act (FEMA) and foreign direct investment (FDI) norms.

On Tuesday, the bench of Justices Arun Mishra and U U Lalit also canceled the leases of Amrapali's properties granted by the Noida and Greater Noida authorities and directed the Enforcement Directorate to investigate into the cases of alleged money laundering by CMD Anil Sharma and other directors and senior officials of the group.

It appointed senior advocate R Venkataramani as the court receiver and vested into him all rights of Amrapali properties following the lease cancellation.

The apex court also authorized Venkataramani to enter into any tri-party agreement for sale of the group's properties to recover dues.

The court observed that the Noida and Greater Noida authorities colluded with the realty group in allowing diversion of the home buyers' money and not acting in accordance with the law.

It stressed that Noida and Greater Noida have no right to sell the properties of the Amrapali group to recover their dues.

Relieving over 42,000 home buyers of their anxiety and worries, the court directed Noida and Greater Noida to give completion certificates to flat buyers already residing in various projects of the group.

It also directed the Centre and the state governments to take appropriate action against the builders who have not delivered the group projects on time.

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