NEW DELHI: Tuesday’s Supreme Court order cancelling Amrapali group’s RERA registration and asking state-owned NBCC to complete the delayed projects could set a precedent for thousands of homebuyers, who have been waiting for years to get possession of their homes after being duped by other developers.
“As many as 100 builders have defaulted in the NCR region with their projects delayed by 3-6 years. If they do not complete the projects, we will go ahead and deregister or take over the projects,” Balwinder Kumar, member of UP RERA bench said.The SC will soon be hearing another plea from 14,000 homebuyers of Unitech.
Experts say it could be a benchmark for other cases and may prompt promoters to finish delayed projects fast. “The order gives us new hope when both the Centre and state government have failed us. We have been waiting for years to get possession of our house. If IBC fails, we will approach the court again,” said Sunil Sharma, a homebuyer from Jaypee Infratech.According to a report by ANAROCK, 5,75,900 units of residential real estate worth `4.64 lakh crore are stuck in various stages of completion across the country.
Extremely delayed projects
Against the average delay of 3-5 years, over 21,000 apartments in various projects by Logix group, Today Homes, Rudra Buildwell, Omaxe and Supertech have been delayed over seven years