Following the Supreme Court’s order to complete pending projects, embattled real estate developer Amrapali Group will hand over the incomplete projects to co-developers within a week and the work in those projects is likely to start in 15-20 days, an official from Amrapali said. “The process of hand-over of those projects has started. We have already shared the drawings and the details of architecture with them,” he said. The three developers that have been selected for the completion of the pending projects are Galaxy Dream Homes, India Infoline and Kanodia Business. The pending projects have been divided into four baskets for completion. A timeline has also been drawn for the completion of the projects from seven months to 42 months, the official said.
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, the official said. India Infoline and Kanodia would construct six projects and one project, respectively.
To monitor the progress of the work, the court has ordered the formation of a committee that would include an architect representing the builder, a structural engineer, a chartered accountant representing the developer, an architect representing the buyer and a chartered accountant representing buyers.