Friday, February 23, 2018

Hand over flats or be ready to go to jail: SC

AmitAnand.Choudhary@timesgroup.com

New Delhi: Assuring homes to thousands of flat-buyers who have invested in Amrapali group’s housing projects, the Supreme Court on Thursday directed the company’s promoters to give an undertaking to complete construction in a time-bound manner and made it clear that they would be sent to jail if the promise was not fulfilled.

A bench of Justice Arun Mishra and Justice Amitava Roy decided to monitor construction under Amrapali’s projects as more than 41,000 flat buyers were facing uncertainty due to the builder’s failure to hand over possession despite the buyers paying substantial amount towards the cost of flats and initiation of insolvency proceedings against the company.

As the 43 projects being developed by the group are at different stages of construction, the bench decided to deal with each project separately and first took up Amrapali Leisure Park project in Greater Noida (West). The project contains 19 towers and around 1,665 flats.

Senior advocate Ranjit Kumar, appearing for the company along with lawyer Gaurav Bhatia, told the bench that the project was nearing completion and just finishing work was required. He told the bench that flats could be handed over to the buyers within 15 months and an investment of ₹87.28 crore was required.

The bench said the promoters should deposit the money before the court and it could be released to the company to meet the expenses. Kumar, however, said the company was not in a position to deposit the money in court and that the firm could sell its commercial floor space index (FSI) to raise the money.

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