SC-monitored company issues list of Amrapali buyers who defaulted on payments

Supreme Court-monitored company formed to complete Amrapali housing projects in Noida and Greater Noida have come up with another list of defaulters who have not paid the
balance due towards the property. Name of close to 4,000 buyers have been made public on Wednesday and they are asked to submit details within 15 days. In September, the company had come up with a
similar list of 1,800 buyers including former Indian cricket captain Mahendra Singh Dhoni. According to the company, almost 50% of the defaulters in that list have got themselves registered after the public notice.

“Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) executed through NBCC (India) Limited have released list of Amrapali homebuyers who have neither registered their details on the customer data nor
have paid outstanding dues through UCO bank portal. Non compliance will lead to cancellation of allotment,” the company has said in the public notice. After the Supreme Court took over Amrapali’s projects, homebuyers were asked
to make the balance payment to a special purpose vehicle formed by NBCC, the state-run company which was given the mandate to complete the projects in Noida.

Though many homebuyers complied, the SC-monitored company has identified close to 10,000 homebuyers who have not taken any action since the takeover. About 9,538 homebuyers have neither registered so far in the customer data
maintained by the office of the receiver, nor have made any payments, subsequent to the judgement of the court in July-2019. Similarly, 6,210 homebuyers, though now registered in the customer data, are not making any
payment.

NBCC is involved in the completion of 23 Amrapali group housing projects. The cost of completion is estimated to be about Rs 8,500 crore. The SC had allowed the receiver to give two weeks to the defaulting buyers,
failing which the houses booked by them would be treated as unsold. These can then be sold by NBCC. “If the buyer approaches us in the next two weeks with the commitment that
he/she will make the payment, then the allotment will not be cancelled. Those NBCC official.

NBCC was initially struggling to fund the construction and many contractors had written to the corporation threatening to stop the work as payment for work was not released for four months.
Amrapali’s projects were stuck amid a fund crunch and alleged financial mismanagement at the real estate firm. NBCC took over the projects after a Supreme Court order.