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The great banking rescue of a doomed realty project

India's highest court and the lenders, backed by the banking regulator, are involved in a unique experiment to revive a project and save unsuspecting homebuyers

real estate
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Tamal Bandyopadhyay
In the last week of April, the Economic Offence Wing of the Mumbai Police arrested the promoters of Nirmal Lifestyle for allegedly failing to hand over flats to homebuyers invested in four projects in Mumbai’s central suburb Mulund.
 
Elsewhere, in Noida, Uttar Pradesh, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) is busy completing 40,000-odd housing units sold by the erstwhile Amrapali Group, and handing them over to the homebuyers. ASPIRE is a not-for-profit company under Section 8 of the Companies Act, 2013, set up by the Supreme Court.
 
This is a unique case where India’s highest court and
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