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Supreme Court gives 12 Amrapali projects to co-builders

PTI
Published : May 18, 2018, 5:11 am IST
Updated : May 18, 2018, 5:11 am IST

The six projects will cater to 27,000 to 28,000 hassled homebuyers.

Supreme Court of India (Photo: Asian Age)
 Supreme Court of India (Photo: Asian Age)

New Delhi: In a major relief to over 42,000 homebuyers, the Supreme Court gave its go ahead to three co-developers to complete the 12 stalled projects of embattled Amrapali Group in the next six months to 48 months time period.

The top court asked the Amrapali Group to deposit Rs 250 crore in four weeks in an escrow account to be paid to co-developers on completion of the projects.

A bench of justices Arun Mishra and U.U. Lalit had on Wednesday asked the homebuyers, Noida and Greater Noida authorities and promoters to sit together and submit business plans for completion of stalled projects of Amrapali Group in a fixed time period.

The bench asked the Noida-based real estate firm Galaxy Group to complete six projects — Saphire-I, II, Leisure Park, Leisure Valley, Eden Park, Green Valley and Heartbeat City — of the Amrapali Group in six to 48 months.

The six projects will cater to 27,000 to 28,000 hassled homebuyers.

The apex court which had created four baskets of projects at different stages of completion but stalled due to insolvency proceedings against Amrapali Group, gave Princley Estate project to another co-developer Kanodia Cement.

Tags: amrapali group, leisure park