SCtells Bank of Baroda to recover money from builder not buyers

SCtells Bank of Baroda to recover money from builder not buyers
28/03/2018 , by , in News/Views

Hearing the petition against Amrapali Group lodged by the flat buyers, the Supreme Court on Tuesday said that the money of flat buyers belongs to them and no one can take it. The Supreme Court conveyed it to the Bank of Baroda that they have lent money to the builder and not to the falt buyers, therefore, they can’t ask people to pay the bank back. The bank can take builders money. During the Supreme Court hearing, Bank of Baroda raised the issue of insolvency issue. The bank said that its money has been taken by the builder, and the court should look into the matter. The Supreme Court also asked the Builder Buyer Noida Authority and Greater Noida Authority to conduct a meeting on this matter and gave April 10 as the next date of hearing.

The issue has been going on for almost a year now after Amrapali Group defaulted on the deadline to provide possessions of flats to the home buyers. Earlier in August 2017, hundreds of home buyers of Amrapali Group held a candlelight march in Noida demanding action against the builder who has failed to deliver their homes years after the promised deadline. After protests against Jaypee group’s wish town in Noida, the home buyers had staged a hunger strike against real estate developer Amrapali group demanding for the possession of their flats in Noida.

Prior to that, the Corporate Bank had also announced to auction Amrapali group’s corporate office to recover a debt of Rs 9.1 crore. Fake promises of builders have left thousands of buyers in limbo as they continue to struggle to get their dream homes. In last year’s protest, the protesters included buyers of Amrapali projects, including Dream Valley, Verona Heights and Centurian Park. A large number of home buyers Amrapali and some other projects have been holding hunger strike protests in Noida outside the corporate offices of the builders. The buyers did not get possession of their flats, payment for which was made by them in 2010.

 

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