A bench of the SC headed by Justice Uday Umesh Lalit was hearing the issue of Amrapali homebuyers and getting of their flats on a reasonable time frame.
The top court has asked all the homebuyers and particularly of the 2000-2500 units to ensure payment by 15 October, but for the last 5% to clear all dues positively or else their entitlement to the flats may be cancelled.
Justices Lalit and Ajay Rastogi observed that the home buyers are under the impression that the SC is facilitating construction of their stalled flats and managing funds and they are at a convenience to pay their dues, whenever they like.
“They will have to strictly follow their payment plans else their unit will be cancelled and will be considered as unsold inventory,” the SC bench said.
The bench while referring to home buyers said, “It’s like you have been given lassi (buttermilk) and now you want malai (cream) on top of that”.
“Homebuyers want the flats but don’t want to pay the money. They just want the NBCC to construct the flats and hand over to them”, the bench observed.
The SC remarks came after senior advocate R Venkataramani, appointed as court receiver submitted that some mistakes have been noticed in the list of 9,538 flats, which are unclaimed or booked on a fictitious name or are a benami property and is being corrected and the final list will be published in two-three days.
The bench asked Venkataramani, that why there was such delay by home buyers to pay their dues and suggested that he should issue notice to the persons, who have not cleared their dues saying that if the payments are not paid, their allotments will be cancelled.
Venkataramani said that most of the home buyers are paying their dues as per the payment plan except for those whose payment is through bank loans, which have been stuck for one problem or other.
Lawyer ML Lahoty, appearing for many homebuyers, submitted to the Apex Court that according to NBCC, if ₹200 crores are made available to construct the unfinished projects in Noida and Greater Noida, then this amount would be able to be handover and ensure giving 2,000-2,500 flats by December 2021.
Six banks have formed a Consortium and are likely to start funding the projects in a month, Lahoty said.
Unused FAR (Floor Area Ratio) likely to fetch over ₹1,000 crores and NBCC (National Buildings Construction Corporation) would engage a channel partner and the Writ Petition filed in Delhi High Court against appointing channel partner is directed to be transferred in the Supreme Court, Lahoty told the Supreme Court.
The subvention issue affecting a large number of homebuyers was argued by Lahoty and the top court has asked the respective banks to respond within a week.
On August 13, the top court had said that there are two categories of home buyers–first category is of 9,538 home buyers who have neither registered so far in the Customer Data maintained by the office of the Receiver, nor have made any payments, subsequent to the judgment of the Court in July-2019.
It had noted, in its order, that there is a second category of 6,210 home buyers, who have registered themselves in the Customer Data but have not made any payment since the judgment of this court in July 2019.
Senior advocate Siddharth Dave, appearing for NBCC said that despite the implications on account of COVID-19 Pandemic, NBCC is making all efforts towards the successful completion of various projects of the Amrapali group situated in Noida and Greater Noida.
He said that at present, 10 projects in Noida and 12 projects in Greater Noida are under execution involving 45,957 units with sanctioned project cost of ₹8025.78 Crores.
Lahoty suggested that sale of unused/permissible FAR (Floor Area Ratio) can fetch an amount of over ₹1000 crores and therefore, the said issue can be considered by the court on priority.
He said that large numbers of home buyers, who have booked the flat in Amrapali projects under the subvention scheme, are suffering due to the default of the developer, as the flat buyers have started receiving demand notices from the Banks and have been threatened with recovery proceedings.
The top court asked the banks to respond to the intervention applications filed by such home buyers within a week.
Venkataramani told the bench that six banks, which include Bank of Baroda, UCO Bank and Bank of India, have formed a consortium to fund the stalled projects of Amrapali Group and are likely to start funding the stalled Projects within a month.
Amrapali Group directors Anil Kumar Sharma, Shiv Priya and Ajay Kumar are behind bars on the top court’s order.
The apex court fixed the matter for further hearing to 13 September.
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