SC seeks details from Amrapali on money collected and invested

In a bid to ascertain whether there was any "siphoning" of funds, the Supreme Court today asked real estate major Amrapali Group to provide details of the money it had collected from the homebuyers and how much it had invested in its housing projects.

The apex court also asked the group to apprise it on whether there was any outstanding amount which was to be paid by the homebuyers to it and how much more fund was required to complete the projects.

A bench comprising Justices Arun Mishra and U U Lalit observed that these details were needed so that it could pass an effective order in the matter.

"We want to know if there is siphoning of money and we also want to know if there is liability of the buyers," the bench said.

Amrapali Group had earlier given the details of its ongoing housing projects, stages of work and the likely time to complete construction.

During the hearing today, one of the advocates appearing for the homebuyers referred to the status of some of the projects of the group in Noida and Greater Noida in Uttar Pradesh.

He said in the Amrapali Sapphire project, out of a total of 1,030 units, possession was given for 950 flats and 80 units were yet to be handed over.

Similarly, in the Amrapali Zodiac project, out of total of 2,217 flats, possession was given for 1,650 flats, while that for 567 units was yet to be given.

He said that in the Amrapali Eden Park project, there was a total of 316 units and possession was given for all the flats, while in Amrapali Silicon CityI project, out of 2,464 units, possession for 375 flats remained to be given.

However, the lawyer said there were certain deficiencies in these projects with regard to fire-fighting, lifts, water supply, sewage, power backup, parking, CCTVs and others.

At this, the bench observed, "few facts are still missing. How much money remains to be paid project-wise? Please give a chart. How much money has been invested in projects, how much was collected, how much money is required."