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The Supreme Court of India has given Amrapali homebuyers hope that they will not have to sacrifice the facilities and common areas that were promised to them at the time of booking their flats. Earlier this week, the court indicated that common areas approved earlier should not be disturbed and asked the National Buildings Construction Corporation (NBCC) to give a proposal on unused floor area ratio (FAR). The court is exploring various options to raise funds to complete the project and has been looking for ways to generate money.
The Amrapali homebuyers have been strongly opposing the proposal of selling unused FAR and dividing the plot to sell its unused portion to raise the money for construction. The court earlier questioned the homebuyers for seeking all their problems to be resolved by the court but not being willing to sacrifice anything or extend a helping hand to those who did not get possession of their flats.
During the court proceedings, there was a sharp exchange of words between NBCC and the Noida Authority as differences between them cropped up on unused and purchasable FAR. The PSU, which has been entrusted with the task by the apex court to undertake the construction of Amrapali project, took a pot-shot at the Noida Authority, saying it was a "den of corruption" which was sleeping like a 'Kumbhkaran' when Amrapali promoters were bungling but now objecting to all proposals to revive the projects.
The court-appointed receiver, R Venkataramani, who manages the affairs of Amrapali group, had earlier floated the proposal for selling unused FAR. He told the bench that there was no solution available to the problem of fund crunch, and selling unused FAR was the best way to generate money. He believed the sale could fetch around Rs 1,000 crore. However, homebuyers and the Authority insisted that money could be raised from selling off the assets of Amrapali's erstwhile promoters and directors who siphoned off funds, and so the option of selling FAR should not be exercised.
The apex court gave NBCC the task of constructing a total of 16 projects consisting of 46,575 units, of which nine projects are situated in Noida, and the remaining seven projects are in Greater Noida. According to NBCC, Rs.8,016.68 crore is required for the completion of all the projects. In conclusion, the Supreme Court of India is exploring various options to raise funds to complete the Amrapali project, including the selling of unused floor area ratio (FAR).
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