AG Venkataramani Highlights Supreme Court’s Role in Reviving Amrapali Housing Projects

The Supreme Court’s intervention in the Amrapali case has played a major role in safeguarding homebuyers’ investments and ensuring the completion of stalled housing projects. Attorney General R. Venkataramani informed the court that 6,686 flats have been sold, generating ₹3,861 crore in revenue.

A comprehensive status report submitted by the court-appointed receiver outlined the progress made over the past five and a half years. In July 2019, the Supreme Court entrusted the National Buildings Construction Corporation (NBCC) with the responsibility of completing all pending Amrapali housing projects. Since then, NBCC has completed construction, including finishing, electrical, and allied services, for approximately 25,000 flats. The company has also applied for various no-objection certificates (NOCs) required to facilitate possession. Additionally, the report stated that NBCC has been actively selling unclaimed and defaulted units to recover funds.

The receiver informed the court that 4,959 unsold units were released to NBCC for sale, after excluding those required to resolve dual allotment cases and other disputes. Of these, 4,733 units have already been sold, generating ₹2,617 crore, with ₹2,165 crore realized by January 15. Additionally, 1,953 units belonging to defaulting homebuyers and registered buyers who failed to make payments were also released for sale. These units were sold for ₹1,244 crore, of which ₹1,012 crore has been collected so far.

Supreme Court’s Role in the Amrapali Case

The legal battle began in 2017 when a group of homebuyers approached the Supreme Court after Amrapali Group failed to deliver their flats despite collecting payments. Following the petitions, the court took strict action against the company’s management and ordered a forensic audit. The audit revealed large-scale misappropriation of homebuyers’ funds, leading the court to remove Amrapali’s promoters and officials from the company in 2019. The court then appointed senior advocate R. Venkataramani as the receiver to manage the company’s affairs and oversee the completion of pending housing projects. To ensure construction resumed, the court also assigned NBCC the responsibility of completing the projects and securing necessary funds for the process.

Progress on Amrapali Housing Projects

According to the latest status report, NBCC has completed around 25,000 flats across Noida and Greater Noida as of December 2024. In addition, the structure of another 15,200 units has been completed. The company has carried out construction work worth ₹7,823 crore, for which it has received ₹7,480 crore, leaving an outstanding due of ₹343 crore. At present, NBCC is working on 16 Amrapali housing projects located in Noida, Greater Noida, and Manesar.

The court-appointed receiver also provided updates on homebuyer documentation and possession status. Out of the 15,000 homebuyers who submitted their documents for verification, 12,550 existing buyers and around 1,000 new buyers who purchased unsold units and cleared all dues have been issued possession letters along with no-objection certificates. Meanwhile, nearly 1,000 homebuyers have opted for refunds instead of taking possession of their flats.

Refund Process for Homebuyers

For homebuyers who sought refunds, the Supreme Court-appointed committee has initiated a phased refund process. The committee, in coordination with forensic auditor Ravi Bhatia, is verifying documents before issuing payments. In the first phase, 420 homebuyers were shortlisted for refunds, and so far, around 200 homebuyers have received their refunds. The committee plans to continue processing refunds in a structured manner, ensuring that all verified homebuyers receive their due payments.

The Supreme Court continues to oversee the case, ensuring project completion and financial accountability. The court’s actions, along with the efforts of NBCC and the appointed receiver, have not only helped recover funds but have also restored confidence among homebuyers who had been struggling for years. By ensuring that funds are used appropriately and construction progresses as planned, the intervention has significantly contributed to resolving one of the most high-profile real estate disputes in India.

Image source- sci.gov.in