The homebuyers before the introduction of RERA were exposed to exploitation and delayed possession. It has been estimated that almost around 40,000 housing units of Amrapali group has witnessed delayed possession as the pace of work continues to slow down at some sites in Noida and Greater Noida.
The reason given by the contractors for this delay is that they have untimely/delayed payment from the National Buildings Construction Corporation Ltd (NBCC). That has made the contractors to stop their construction activities on several stalled projects of Amrapali. It will eventually affect around 40,000 homebuyers.
The
work pace of the residential project in Noida has slowed down at some sites in Noida and Greater Noida. Since the
year of February 2021 the developers have raised the primary reason that there
is no payment from NBCC that has made them stop the ongoing construction work.
This has led to serious consequences for the home buyers as they have invested
their lifetime savings and getting nothing in hand. But to relieve the
homebuyers, the highest authority i.e Supreme Court has suggested selling some
of Amrapali’s assets to raise funds for completion of the projects.
As
per the experts of the industry they have estimated the cost of completing
these projects is around Rs 8,500 crore. Moreover, the contractors have also
complained about rising price of raw materials for last nine months, which is
further escalating the overall construction cost of the property.
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