Noida Amrapali Update: Good news for home buyers of Amrapali, Supreme Court’s big decision, hopes of getting home soon increased – good news for amrapali home buyers supreme court approves extra far
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On the orders of the Supreme Court, the projects of Amrapali are now being completed by the government company NBCC. The court has also asked NBCC to give a proposal regarding the Unused Floor Area Ratio (FAR). Homebuyers of Amrapali were protesting against the plan to sell unused FAR and subdivide the plot. The company wants to raise money for construction by selling this area. There was a huge difference of opinion between NBCC and Noida Authority regarding unused and purchasable FAR.
how much money needed
Attorney general and court receiver R Venkataramani has been working out all options for the last three years to raise money to complete Amrapali’s stalled projects. He offered to sell unused FAR. He had told the court that there is no magic solution to meet the paucity of money. He said that unused FAR is the best and easiest way to raise money. About Rs 1,000 crore can be raised from this.
But the homebuyers and the Noida Authority were opposing it. He said that money should be raised by selling the properties of the promoters and directors of Amrapali. According to the report of forensic auditors, funds were misappropriated from the promoter of Amrapali. Homebuyers said that selling FAR would reduce the common area. This will not leave space for parks and other activities. After the Supreme Court took over the reins of Amrapali Group, NBCC was entrusted with the task of building 16 projects of the company. There are a total of 46,575 units in these. Of these, nine projects are in Noida and the rest in Greater Noida. NBCC says that Rs 8016.68 crore is needed to complete these projects.
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