Amrapali group to pay Rs. 250 crore within 2 months directs the Supreme Court

The Supreme Court in yet another effort to provide relief to homebuyers has directed the Amrapali Group to deposit Rs. 250 crore within 2 months and to ensure timely completion has also appointed a committee to monitor construction of its housing projects. The Court gave multiple directions to secure interests of homebuyers and granted the troubled real estate giant to engage other real estate-developers to assist in completing the pending housing projects since it has not been able to complete the projects on its own due to financial problems. The Court further directed the homebuyers to deposit the money in the Apex Court registry which will only be handed over to Amrapali after the projects are complete and made it clear that Amrapali shall not ask homebuyers to pay the unpaid amount due from them. The committee will be headed by Advocate M L Lahoti with architects, engineers and chartered accountants to monitor construction and time to time submit the status report in the court. Apart from this, the Court turned down Amrapali's request to sell off its properties to raise money for construction of pending projects. The Amrapali group is engaged in construction of various housing projects that comprises of 170 towers in Greater Noida and Noida. The real estate giant has been facing trouble in project completion as its bank accounts have been blocked and it has been banned from selling off its properties. The insolvency case was instituted by Bank of Baroda, after the Group failed to repay loans.