Realty group Amrapali tells SC it is in talks with NBCC to hand over housing projects

Embattled Amrapali group told the Supreme Court that on Wednesday  it was in talks with state-owned National Buildings Construction Corporation (NBCC) for completion of construction of its pending housing projects.

Under the proposal, NBC would take over all existing, unsold and future inventories of Amrapali group. NBCC would also take over its properties.
The company said that if the proposal is accepted then it would not need any co-developer for completion of its pending projects.
A bench of Justices Arun Mishra and U U Lalit, however, asked the Amrapali group to furnish details of the proposal given to the centre in 10 days and submit financial details of projects undertaken by it since 2008-09.
Appearing for Amrapali group, senior advocate P S Patwalia said that the company has submitted a proposal to the ministry of housing and urban affairs (MHUA) a few days ago and that a meeting was held with officials of the ministry, chairman of NBCC, CEOs of Noida and Greater Noida on Thursday.
He said another meeting is scheduled in next 8-10 days. “Give us 10 days time for the outcome of the meeting," Patwala said.
Additional Solicitor General Vikram Jeet Banerjee, however, urged the court to make it clear that it should not be construed that the proposal for taking up the projects was the bench's direction, but was just a proposal given by the builder.
The bench also asked the promoters of the Amarapali group not to leave the country.
Last month the company told the court that it has selected three builders — Galaxy Dream Homes, India Infoline and Kanodia Business — for the completion of the pending projects.
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 buyers who have invested in these projects. India Infoline and Kanodia would construct six projects and one project, respectively.
Earlier, on May 17, the apex court, in a major relief to over 42,000 homebuyers, gave its go ahead to three co-developers to complete the 12 stalled projects of embattled Amrapali Group in the next six months to 48 months time period.
The top court had asked the Amrapali Group to deposit Rs250 crore in four weeks in an escrow account to be paid to co-developers on completion of the projects.
The six projects will cater to 27,000 to 28,000 harassed homebuyers.
The apex court had on May 10 spotted diversion of funds to the tune of over Rs2,700 crore by the Amrapali Group and sought the details of financial transactions made by the company and its statement of accounts.
On April 25, the apex court had said it would like to be assured of the financial standing and credentials of a company which is willing to take over some of the projects of Amrapali Group, observing that the homebuyers "cannot be just thrown to a frying pan".
The Amrapali Group had then given the details of its ongoing housing projects, stages of work and the likely time to complete construction.
The company had earlier told the top court in an affidavit that it was not in a position to complete the projects and hand over possession of flats to over 42,000 homebyers in a time-bound manner.