NBCC to complete Amrapali's projects as expeditiously as possible, says SC

The Supreme Court Tuesday entrusted the task of completing the projects of crisis-hit realtor Amrapali Group to NBCC and asked it to ensure that the work is completed as "expeditiously" as possible.

The apex court, which cancelled the registration of Amrapali group under the Real Estate Regulation and Development Act (RERA) 2016, said it has assigned the task to National Buildings Construction Corporation since the builder has failed to complete the project within the fixed time.

"We have appointed the NBCC to complete the various projects and hand over the possession to the buyers. The percentage of commission of NBCC is fixed at 8 (eight) percent," a bench of Justices Arun Mishra and U U Lalit said in its 270-page judgement.

"As it (NBCC) is a government undertaking, NBCC has to ensure that DPR (detailed project report) is prepared reasonably and the work to be completed as expeditiously as possible," it said.

The apex court noted in its judgement that the NBCC was appointed by it to complete the construction of projects in its September 12, 2018 order.

It also noted the submissions of the counsel appearing for the Amrapali group that as per NBCC, cost of construction to complete the launched projects is Rs 6,827 crore, whereas the cost as per the group is Rs 5,630 crore.

The bench said it is apparent that RERA intends to protect the home buyers and is aimed at completing the projects.

"The buildings have to be completed, for that, we are required to pass orders. We have already assigned the task to NBCC for completion of buildings as the promoters/builders have failed to complete the building within the time fixed and the time which could have been extended," it said.

"Now, more than 10 years have passed and buyers were given the assurances that they would get flats within three years period by the promoter/builder. The maximum time fixed in RERA has also expired and extension could not have been beyond 1 year," the bench said.

It directed the home buyers to deposit the outstanding amount under the agreement entered with the promoters within three months from today.

"The amount deposited by them shall be invested in the fixed deposit to be disbursed under the order of this court on phase-wise completion of the projects/work by the NBCC," the bench said.

The top court delivered its judgement on a batch of pleas filed by the home buyers of Amrapali Group seeking possession of around 42,000 flats booked in various projects of the realtor in Noida and Greater Noida.