Amrapali buyers can now sell their “duped” flats once their dues are cleared out
Amrapali Group is an Indian real estate company that was reported to have misled countless homebuyers, as their builders “diverted” clients’ money a few months ago, as told by The Hindu.
As a consequence of poor financial management, an outstanding amount of around 40,000 Amrapali apartments have yet to be completed. Buyers weren’t able to put them on sale due to ambiguous regulations.
The court has proceeded guidelines for reselling of flats to those that have been searching for a way out of Amrapali’s buildings. Homeowners will need to pay an extra of INR200 (USD2.67) per square feet, as well as clearing out all of their dues.
An official from NBCC, a construction company under the Government of India, stated: “many homebuyers were not willing to take their flat even after the assurance of state-run NBCC (India) to complete the stuck housing units as per the schedule. To provide them a solution, a guideline has been prepared, where the buyer can sell the flat if he is fulfilling all the conditions.”
There are currently 23 Amrapali housing projects that NBCC is involved with.
The guideline mentions, “to mitigate the problem of certain Amrapali homebuyers, it has been decided to allow the pre-registration stage transfers on a specific request made by any concerned Amrapali homebuyer. The facility is, however, not available for contractors, investors, financiers ,and ex-employee of Amrapali.”
Many homeowners have begun to pay their dues, while NBCC plans to start the completion of the apartments in under six months.
Watch: 8th PropertyGuru Philippines Property Awards virtual gala
Philippines’ crème de la crème of the real estate sector to be honoured at the first virtual edition of the gala, to be livestreamed on 13 November 2020
Pandemic unmasks fundamental challenges in Myanmar market
Sluggish sales of upscale projects are forcing a shift in the country’s real estate sector, with developers forced to better tailor product to the needs of the market
Uncontrollable soaring property values in South Korea leaves re-elected government reeling
Industry experts reveal that elevated property values make foreign buyer restrictions and property taxes inevitable
South Asian nations cautiously optimistic amid post-pandemic recovery
Competing factors ranging from political instability to ill-fated reforms may have adversely affected property markets