Noida-based Galaxy group has shown interest in completing Amrapali‘s five residential projects. During a hearing on Wednesday, the company through it’s counsel informed the Supreme Court that it is ready to infuse Rs 500 crore to construct units for 31,000 families.
Amrapali needs about Rs 3,000 crore to complete all of its ongoing projects.
Lawyer Alok Agarwal representing Amrapali told ETRealty that Galaxy is willing to construct more projects subject to SC approval.
The court has asked Noida authority, Greater Noida authority and IRP to look into the proposal.
The SC also directed Amrapali to submit a comprehensive plan with regards to deliveries of all its projects. The court asked the realtor to submit the plan within a week and inform about the state of construction of all its projects along with how much money is needed to complete those.
The plan will then be placed before ‘interested parties’ including homebuyers, Noida authority and Greater Noida authority for comment.
The order came after Amrapali counsel informed the court that they have a comprehensive plan for all their projects. It had previously informed the court that it has over 40,000 flats across all its projects.
The court directed the IRP to not send demand notices on home buyers to whom possession has not been offered.
The apex court also ordered promoters of Amrapali to upgrade fire safety equipment in 21 towers of its Noida-based residential project Amrapali Silicon City within four weeks. The builder had sought three months to install the required equipment.
The order came after insolvency resolution professional (IRP) stated in its report that the project is under imminent threat as it lacks basic fire equipment. The project has about 2,000 families living-in.
Agarwal that repair and upgrade work for four towers has already started today.
The apex court also asked Noida authority and Greater Noida Industrial Development Authority to submit an affidavit stating how much money they have received from the realtor.
Amrapali was to deposit 10% of the due amount to both the authorities to get occupancy and no-objection certificates for Amrapali Silicon City and Amrapali Centurion Park, which it did. However, there was some confusion while stating the same with court after which court asked for the affidavit.