Noida Property: bastion of corruption, Kumbhakarna… Tu-Tu, Main-Main in NBCC and Noida Authority regarding Amrapali projects – amrapali proceedings witnessed sharp exchange between noida authority and nbcc
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During the hearing, there was fierce tu-tu, main-main between NBCC and Noida Authority. There are huge differences between unused and purchasable FARs. NBCC is completing the unfinished projects of Amrapali on the directions of the Supreme Court. He alleges that the Noida Authority is a stronghold of corruption. He said that while the promoters of Amrapali were flouting the rules, the Noida Authority was sleeping like Kumbhakarna and is now objecting to all the proposals to restart the projects. 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 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.
how much money is needed
But homebuyers and Noida Authority are opposing it. They say that money should be raised by selling the properties of Amrapali’s promoters and directors. According to the report of forensic auditors, funds were misappropriated from the promoter of Amrapali. Homebuyers say that selling FAR or halving the plot size will reduce the common area. This will leave no 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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