Supreme Court Orders Action Against Amrapali, Provides Relief To Homebuyers
The moment the verdict of the Supreme Court on Amrapali housing projects was announced on Tuesday, a group of home buyers waiting for the judgment breathed a sigh of relief. Homebuyers were elated, after winning the decade long battle.
More than 40,000 Amrapali home buyers who had spent their hard-earned money were waiting for their flats for nearly ten years
Pronouncing the verdict on the stalled projects of the embattled Amrapali Group, the SC directed the Enforcement Directorate (ED) to investigate money laundering by officials and directors of the Amrapali Group. The bench said the home buyers’ money was diverted in violation of the Foreign Exchange Management Act (FEMA) and the foreign direct investment (FDI) norms.
The bench also appointed senior advocate R Venkataramani as the court receiver in whom the rights of all the Amrapali properties will be vested after the cancellation of lease.
The SC said Venkataramani will have the power to enter into any tri-party agreement for sale of the group’s properties to recover the dues. The SC also asked Noida and Greater Noida to handover a completion certificate to the flat buyers who are already residing in various projects of the group.