Noida authorities lack resourcesto construct Amrapali projects
Noida and Greater Noida authorities Friday told the Supreme Court that they don’t have the requisite resources and expertise to construct the stalled projects of the embattled Amrapali Group and favoured handing over the properties to a reputed builder under the supervision of a high powered committee.
They also said that they could not take any action like cancellation of lease agreements against the group which regularly defaulted on payments due to “bulk of home buyers” and “political weight”.
Both the authorities told the apex court that there was around Rs 5,000 crore pending from Amrapali Group towards the principal amount and interest component besides the penal interest.
They said that as government entities keeping the interest of home buyers in mind they had not cancelled the lease agreements with Amrapali despite repetitive default of payment.