Amrapali projects given to co-builders
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.