Home buyers of Amrapali Group under the aegis of Noida Extension Flat Owners Welfare Association on Thursday said that the company and its co-developers have not started any work in the six stalled projects.
Home buyers of Amrapali Group under the aegis of Noida Extension Flat Owners Welfare Association on Thursday said that the company and its co-developers have not started any work in the six stalled projects. They also alleged that the company is yet to deposit the Rs 250 crore in an escrow account at the UCO bank branch on the Supreme Court premises as directed by the apex court.
The three builders selected for the completion of the pending projects are Galaxy Dream Homes, India Infoline and Kanodia Business Pvt Ltd.
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According to the affidavit submitted with the Supreme Court, the builders will be developing a total of 40,987 units that are to be completed, which requires Rs 5,112 crore to complete. The Galaxy Group will be making an investment of Rs 2,500 crore in the span of the next four years to revive and construct eight pending residential projects, which would bring relief to over 28,000 customers who have invested in these projects. India Infoline and Kanodia would construct six projects and one project, respectively.