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.
Comfort over flash: Bluetown Architects’ holistic approach to architecture
Hangzhou-based Bluetown Architects aims to design properties that are as functional as they are striking
A green office building blossoms in Cebu
A storied Filipino family has forged an exceptionally smart, green office tower in Cebu
6 places to see in Bangkok weekenders’ go-to beach town Hua Hin
The famous Thai beach town is adding some alluring new strings to its bow
Niseko’s property market hits $2.69B in new project transactions
PropertyGuru Asia Property Awards (Greater Niseko) Jury Chair Bill Barnett shares a market review of Niseko’s alpine resort area