Supreme Court’s Major Decision on Amrapali Projects

The Supreme Court has delivered a significant verdict regarding Amrapali Projects, paving the way for the government construction company, NBCC, to raise ₹15,000 crore more easily. The court has granted approval for the construction of additional flats in the Amrapali projects. This means an increase in the Floor Area Ratio (FAR) for these projects, allowing for the construction of over 13,000 extra flats. The sale of these flats could generate a substantial amount to resolve the financial crisis that has stalled various projects.

Unlocking ₹15,000 Crores

On August 29, during a hearing, the apex court cleared the way for NBCC to build extra flats in the Amrapali projects. This initiative is expected to help NBCC raise ₹15,000 crore, which will assist in providing homes to over 16,000 existing homebuyers who have faced delays due to a lack of funds.

According to reports, NBCC is set to pay ₹484.92 crore to the Greater Noida Authority and ₹258.24 crore to the Noida Authority for FAR, along with an 18% GST. Recently, NBCC had been making considerable efforts to construct additional flats to address the funding shortfall and expedite the completion of stalled Amrapali projects.

Directions to Noida and Greater Noida Authorities

Under the leadership of Justice Bela M. Trivedi, the Supreme Court has approved the minutes of a joint meeting involving officials from NBCC, Noida, and Greater Noida Authorities, as well as lawyers representing homebuyers. This meeting took place on August 26 at the residence of Attorney General R. Venkataramani.

Venkataramani has been appointed by the court as the receiver responsible for completing the stalled Amrapali projects. The court has directed the relevant authorities in both cities to grant building approvals within 30 days of receiving the No Objection Certificate (NOC) from NBCC. Additionally, the court has mandated that the State Environmental Impact Assessment Authority must provide environmental clearance within two months of receiving the application.

Conclusion

This landmark ruling by the Supreme Court not only brings hope to thousands of homebuyers waiting for their homes but also signifies a crucial step towards revitalizing stalled real estate projects in the region. With the additional flats expected to generate significant funds, it promises to alleviate the financial woes of the Amrapali Projects and ensure the timely delivery of homes to anxious buyers.