Amrapali projects given to co-builders

Amrapali projects given to co-builders
19/05/2018 , by , in News/Views

The Supreme Court gave its approval to three co-developers to complete the 12 stalled projects of embattled Amrapali Group. The co-builders are given a period of next six months to 48 monthsto complete the projects. It has been a major relief to over 42,000 homebuyers.

The top court asked the Amrapali Group to deposit Rs 250 crore in four weeks in an escrow account to be paid to co-developers on completion of the proposed projects. A bench of Justices Arun Mishra and U.U. Lalit asked the homebuyers, Noida and Greater Noida authorities and promoters to sit together and submit the project plans. They also asked Noida-based real estate firm Galaxy Group to complete six projects — Saphire-I, II, Leisure Park, Leisure Valley, Eden Park, Green Valley and Heartbeat City.

The apex court earlier gave thePrincley Estate project to another co-developer Kanodia Cement.

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