In a major development, big real estate player and famous Noida-Greater Noida builder Amrapali Group faced a crackdown by authorities on Monday. Reportedly, the head office of Amrapali Group in Noida has been sealed and two persons including the son-in-law of the group CMD has been arrested. According to a report in Navbharat Times, the office was sealed in Noida and two officers of the group including CMD Anil Sharma’s son-in-law Hrithik Sinha have been arrested. The other arrested officer is Nishant Mukul. According to the report, Hrithik is the CEO of the company. The action has been taken as the Amrapali Group has not paid the labour cess of Rs 4 crore.
The development comes a day after UP CM Yogi Adityanath warned real estate players of strict action. The UP CM has expressed disappointment over the irregularities in the real estate sector. Yogi said that the rift between flat buyers and builders is widening and to bridge the gap the government needs to take strict action.
UP CM Yogi Adityanath at the UP Ahead Conclave organised by Confederation of Real Estate Developers Association of India (CREDAI) in Lucknow said that despite making full payments, the buyers are harassed and they are not getting possession on time; this has resulted in the loss of confidence and trust among potential buyers. To bridge this gap amicably, the government will have to take a strong step.
Earlier, on July 27, flat buyers associations of Noida and Greater Noida met Uttar Pradesh Chief Minister Yogi Adityanath seeking action against builders for allegedly harassing home owners by not delivering projects on time and charging extra money.
The two associations, NEFOMA and NEFOWA, demanded that the Real Estate Regulatory Act (RERA), which was passed last year by Parliament, should be implemented in the state on priority.
Meanwhile, PTI reported that the real estate market is facing a multi-year slowdown that has led to a huge delay in deliveries of housing projects of up to 6-7 years, forcing home buyers to stage protests and file legal cases against builders.