Indian homebuyers of Amrapali projects can now sell their unfinished flats

Amrapali buyers can now sell their “duped” flats once their dues are cleared out

Mumbai, India cityscape. JoeRavi/Shutterstock

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.”

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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.