Amrapali homebuyers allowed to sell flats after clearing dues

NEW DELHI: Homebuyers seeking an exit from Amrapali Developers’ projects will now be able to do so as the court receiver has issued guidelines for resale of flats.

Some 40,000 apartments across Amrapali’s housing projects remain incomplete due to financial mismanagement. About a quarter of these homebuyers want to sell their yet-to-be-ready apartments but had not been able to do so as there was no clarity on rules.

As per the court receiver’s guidelines, they will have to clear all the dues and pay an additional Rs 200 per sq ft to be eligible for resale of their flats.

“Many homebuyers were not willing to take their flat even after the assurance of state-run NBCC (India) to complete the stuck housing units as per the schedule. To provide them a solution, a guideline has been prepared, where the buyer can sell the flat if he is fulfilling all the conditions,” said an NBCC official.

NBCC is involved in the completion of 23 housing projects by Amrapali. The estimated cost of completing these projects is about Rs 8,500 crore.

“To mitigate the problem of certain Amrapali homebuyers, it has been decided to allow the pre-registration stage transfers on a specific request made by any concerned Amrapali homebuyer. The facility is, however, not available for contractors, investors, financiers and ex-employee of Amrapali,” the guideline says.

The committee has decided to levy Rs 200 per sq ft as administrative charge, if the property lies in Noida or Ghaziabad, and Rs 150 sq ft if the property is in Greater Noida.

Homebuyers of Amrapali have started paying the outstanding amount from August, as per the latest payment schedule prepared by NBCC.

The state-run company has divided the stuck Amrapali projects into three categories and delivery of flats will start within six months.

As per the schedule, accessed by ET, over 10,000 homebuyers, who will get the possession by June 2021, will have to pay the remaining amount in four installments of 25%. The rest of the homebuyers are allowed to pay in 10 installments of 10%, as per the delivery schedule.