Noida homebuyers demand financial disclosure from Amrapali builders

Noida homebuyers demand financial disclosure from Amrapali builders
08/08/2017 , by , in News/Views

Home buyers group Noida Extension Flat Owners Welfare Association (Nefowa) on Sunday demanded a clarification on the financial condition of builder group Amrapali as news of their financial instability has sent shock waves among the buyers.

Abhishek Kumark, president Nefowa told media that buyers have stared demanding this clarification from the group after a public notice, by Corporation Bank has come to light where the builders’ office at Sector 62 has been attached for an auction on August 18.

“There is a public notice by the bank where one of the towers of the builders’ sector 62 building has been attached for an auction by the Corporation Bank on august 18. This has sent a shock wave among buyers. We request the builder to come out and give a statement to the buyers on their financial viability. Buyers need to know whether their investments are in jeopardy,” Abhishek Kumar, president, Nefowa, told media.

Commenting on the notice and the demands of the buyers, Executive Director, Amrapali group, Shiv Priya said, “There is a basic error in the auction notice. The first right to our property goes to Noida Authority, a bank can’t suddenly come and put up an auction. We decline receipt of any formal notice, or any movement on insolvency. Any kind of financial issues get solved over negotiations. Our total loan to the banks, including all liability in the entire country is not over 700 Crore. We are committed to the completion of the 40,000 pending apartments deliverable to the buyers and we are in the process of doing it.”

Nefowa members claimed that they would get in touch with Noida authority officers on Monday to gain clarity on the issue to assuage the anxiety among Amrapali buyers. “We must know the ramifications of any auction or insolvency being raised by the builder. The authority officers should give us a clear picture or advise the builders to provide us the same,” Kumar added.

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