What to do with unsold Amrapali flats, SC asks NBCC, others

New Delhi: The Supreme Court on Wednesday asked the National Buildings Construction Corporation (NBCC) and others to suggest methods to deal with unsold flats of real estate group, the Amrapali Group with worth Rs 2,337 crore. A bench, headed by Justice Arun Mishra, asked the NBCC, the forensic auditors and court-appointed receiver to work out the modus operandi and feasibility of how to sell and dispose of the 5,229 unsold flats which will fetch an amount of Rs 2,337 crore.

It has also directed the six banks, namely Bank of India, Bank of Baroda, Union Bank of India, Corporation Bank, Syndicate Bank and Bank of Maharashtra, to appear on October 4, the next date fixed for hearing and explain how they can release the remaining installments to the home buyers.

The court asked the authorities to suggest modalities of how GST and service tax will be calculated for the home buyers who are getting the house registered.

It said that a dedicated account would be made available in the UCO Bank Branch in the Supreme Court for the home buyers to deposit the due and unpaid amount. The details of this will be soon uploaded on the websites of NOIDA/Greater NOIDA Authorities.

The top court also warned that the home buyers' unwillingness to pay the outstanding dues may lead to winding up of the stalled projects due to financial crunch.

"If home buyers are not ready to pay their outstanding amount, then we will have to bundle up the projects," the court said.

If home buyers want the construction to continue, then they have to pay the outstanding money, it added. (IANS)

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