Real Estate

Noida: Buyers protest non-delivery of Amrapali flats

Amrapali buyers protest

Hundreds of buyers of Amrapali housing on Sunday took to the streets in Noida to protest against the non-delivery of flats by the builder.

Amrapali buyers have been waiting for their flats, having invested their lifelong savings, for almost 10 years.

The buyers now want the prime minister to interfere in the matter and have also written a letter to Finance Minister Arun Jaitley. They have requested Jaitley to create stress fund under some mechanism relevant to housing finance institutions like the Last-in First-Out Model so that construction by the NBCC can be started immediately.

India Today TV accessed the copy of the letter in which Amrapali home buyers urged the finance minister to direct RBI to issue specific guidelines for the real estate and construction sector so that the RBI circular related to ‘Revised framework for resolution of stressed assets’ dated February 12, 2018, does not create a challenge to additional funding to projects under implementation.

The buyers demanded that the government should provide funds to the NBCC to complete unfinished projects and should also provide reliefs from their bank loan, which they took to buy flats. The demand to send the directors of Amrapali group to jail was also put forward and they suggested that the authorities should take over charge on incomplete buildings.

Kaushal, a buyer said, “We have been hoping that the government would take over the project or provide funds to the NBCC to complete it but as we are left with no option other than protests, we will intensify our fight for right and will stage a protest outside the Parliament after 15 days.”

The Supreme Court has already ordered the Debts Recovery Tribunal to auction the unencumbered properties of the Amrapali group to arrange funds to start the construction.