SC seeks homebuyers, NBCC suggestion on Amrapali unsold inventory

Advice sought on how unsold inventory of 2,000 flats could be sold to raise money for the completion of pending flats
The Supreme Court on Wednesday asked NBCC India and homebuyers of Amrapali group projects to suggest how around 2,000 apartments could be to raise money for completing flats.

A two-judge Bench of Justices Arun Mishra and U U Lalit also sought to know from banks if they can release loans to homebuyers so that they can complete payments for their flats.

In its judgment on July 23, the apex court had said that homebuyers of Amrapali group project would have to deposit the remaining dues for their flats in an account opened with the Supreme Court within three months. Some homebuyers, had, expressed inability as they had taken loans from banks which had not released the amounts to them. They had in their submissions also said that a sum of nearly Rs 2,000 crore was needed to complete the pending projects of the debt-laden real estate company.

During the hearing on Wednesday, the apex court bench also asked the central government “to suggest modalities of how Goods and Services Tax (GST) or Service Tax” will be calculated for the homebuyers who were getting their houses registered. The case will be next heard on October 4.

During the last hearing on August 26, the apex court had cleared decks for a probe by the Enforcement Directorate (ED) and Economic Offences Wing (EOW) of the Delhi Police in the alleged money laundering by Amrapali group directors, when it asked the special forensic auditors of the firm to share a copy of their report with both ED and EOW. A copy of the report was also to be given to Institute of Chartered Accountants so that it could take appropriate action against the firm auditors for their role in siphoning off over Rs 3,000 crore of homebuyers’ money.

Earlier in August, the top court had also warned officials from Noida and Greater Noida that they should immediately start registration of the homebuyers of Amrapali group projects, failing which the officers could be sent to jail.

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