New Delhi: Bringing some cheer to thousands of homebuyers who are awaiting the possession of their homes, the Supreme Court struck down the registration of Amrapali Group on Tuesday under RERA, thereby effectively banning the real estate company from undertaking any housing projects in future.
The court also handed over the group's unfinished housing projects to state-run National Buildings Construction Corporation (NBCC). At least 42,000 homeowners are awaiting possession of their homes from Amarapali Group as of now.
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The SC bench headed by Justice Arun Mishra also held that Noida and Greater Noida authorities were complicit as builders misled homebuyers and siphoned off their money by diverting it to create personal assets for the CMD and directors of Amrapali Group.
The court said that these authorities cannot be allowed to now receive their outstanding loan to Amrapali from these home buyers.
"They have been defrauded once and this court cannot allow them to be defrauded all over again," said the bench as it added that even bankers cannot extract their loans from the homebuyers.
The bench also stated very clearly that homebuyers will only pay towards the completion of their houses and cannot be burdened with loans that Amrapali owed either to the authorities or the banks. It added that loans can only be recovered from the assets of the Amrapali functionaries that stand attached under the orders of the court.
The bench fixed August 9 as the next date of hearing.