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  1. Real estate major Amrapali needs Rs 3500 crore to complete unfinished projects

Real estate major Amrapali needs Rs 3500 crore to complete unfinished projects

Embattled real estate developer Amrapali would require around Rs 3,500 crore to complete its unfinished projects.

By: | New Delhi | Published: April 7, 2018 2:38 AM
Amrapali, Real estate, amrapali projects,  Supreme Court, noida, greater noida Embattled real estate developer Amrapali would require around Rs 3,500 crore to complete its unfinished projects.

Embattled real estate developer Amrapali would require around Rs 3,500 crore to complete its unfinished projects. In a report submitted to senior advocate Gaurav Bhatia, Amrapali has said there are 24,000 homebuyers who are waiting for the possession of their flats, a source close to the development said. “There are around 25 phase-wise projects are are yet to be completed. These will take 6-13 months for projects that are nearing completion while 40 months would be required for projects where the structure is not ready,” the source said. Last week, the Supreme Court had asked all stakeholders of embattled real estate firm Amrapali Group to submit their objections and suggestions related to various projects by April 6. The apex court had even directed the Noida and Greater Noida authorities to carry out tower-wise inspections of all projects and to submit a report for the completion of projects. The fresh report will incorporate details such as completion status of all projects and amount required to complete unfinished ones, and has to be submitted in court by April 6. Any objections to it have to be filed before the next date of hearing on April 10. Last year, Bank of Baroda had filed an insolvency petition before the National Company Law Tribunal (NCLT) after Amrapali had failed to repay a loan of Rs 56 crore. The tribunal has appointed Rajesh Samson of Deloitte as the interim resolution professional in this case. The apex court is hearing a clutch of petitions filed by flat buyers who have demanded reversing of the September 4, 2017 National Company Law Tribunal order. Buyers had argued that despite assurances that the flats would be handed over in three years, 10 years had passed, during which they had already paid 90% of the cost of flats but the developer had failed to deliver the flats.

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