The Supreme Court was informed on Friday that the National Buildings Construction Corporation (NBCC) has successfully completed approximately 25,000 flats for the embattled Amrapali Group, additionally selling 6,686 flats originally belonging to defaulter homebuyers. This effort has so far generated a substantial Rs 3,177 crore, as reported by Attorney General R Venkataramani, who serves as the court-appointed receiver.
During the proceedings before Justices Bela M Trivedi and Satish Chandra Sharma, the Attorney General detailed the successful sale of unsold inventory as per the apex court’s August 2021 directive, which granted the NBCC authority to handle these sales after giving defaulter homebuyers adequate opportunities to rectify their situations.
According to Venkataramani’s status report, out of 4,959 unsold units released for sale, 4,733 were successfully sold, generating Rs 2,617 crore with Rs 2,165 crore realized by January 15, 2025. Additionally, 1,953 units categorized under ‘defaulter and registered but not making payment’ were sold for Rs 1,244 crore, bringing in around Rs 1,012 crore.
In total, the NBCC’s efforts have culminated in sales amounting to Rs 3,861 crore, with the office receiving Rs 3,177 crore. The Attorney General also highlighted the ongoing efforts to provide refunds to about 1,000 homebuyers seeking returns due to delayed possession or other issues. The process, conducted in slots, has already seen around 200 homebuyers refunded.
The report also shed light on the completion of structural, finishing, and essential services work for these flats. Although the NBCC has applied for various No Objection Certificates (NOCs) required for all 25,000 flats, NOCs have been issued for about 20,000 units, with the remainder still pending.
Moreover, Venkataramani pointed out the logistical challenges, noting that around 5,000 units had faced delays in obtaining electrical connections, with plans to initiate the NOC-possession process for these units starting in March.
The successful completion of these projects marks significant progress in the Amrapali case, initially rocked by scandal and mismanagement that led to the Supreme Court’s July 23, 2019, ruling. The ruling stripped the Amrapali Group of its real estate registrations and canceled its land leases in the NCR, citing breach of trust with homebuyers.
