By Accommodation Times Bureau
In a move to provide major relief to homebuyers by protecting their money and interest, on Thursday the Supreme Court assured more than 40,000 homebuyers who have invested their money in Amrapali’s various housing projects, it said their money is safe.
The court would protect the interest of buyers and even would auction the company and its promoters to refund their money if needed, Justices U U Lalit and Arun Mishra said.
A bench is hearing petitions filed by hundreds of buyers and supervising the building work in various projects it said, “Your money is secure. You are now before the court and we will sell their property to get your invested money.”
The court also directed the company to give details of the fund transferred to other firms and complete details of a firm within a week.
After the court is satisfied the company will be would to rope in new developers to complete the housing projects, the bench said.
The company was taking all necessary steps for people living over there and the company has installed lifts in the housing projects, Advocate Gaurav Bhatia said the bench.
Several housing projects are involved in construction including more than 160 towers in Noida and Greater Noida.
Amrapali group of builders is based at Noida and currently developing several residential and commercial projects at Noida, Greater Noida and Ghaziabad. At Amrapali, the focus is on big residential projects with huge open spaces filled with all games.