150 flats in stalled project to be given to Amrapali home buyers on Diwali, SC told

'We will be giving possession letters to the 150 home buyers in a small ceremony planned for Diwali,' the court receiver told the top court.
Residential buildings under construction at an Amrapali development. (Photo | Bloomberg)
Residential buildings under construction at an Amrapali development. (Photo | Bloomberg)

NEW DELHI:  In  a first glimmer of hope for hassled Amrapali home buyers, around 150 flats completed by National Buildings Construction Corporation (NBCC) in a stalled project will be given to them on the occasion of Diwali, the Supreme Court was informed on Monday.

The top court was told that 150 home buyers of Amrapali in a project situated at Greater Noida will be given the possession letter in a ceremony planned for Diwali. Since the 2019 verdict of the top court, for the first time150 home buyers will be given possession letters for the flats in a project which was stalled after Amrapali ran into legal and financial trouble.

A bench of Justices U.U Lalit and Ajay Rastogi appreciated the efforts after court receiver senior advocate R Venkataramani informed that 300 flats are nearing completion out of which 150 flats have been completed by NBCC and will be handed over during the upcoming festival.

Venkataramani further informed the court that State Bank of India and UCO bank have agreed to pledge Rs 450 crore, while Bank of Baroda has in principle agreed to infuse funds for completion of the stalled projects. 

He urged the top court that a slight nudge would expedite funding by the banks and would help in expeditiously completing the stalled projects. The bench directed all the banks concerned to come up with a final proposal within two weeks and file a compliance report.

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