Confederation of Real Estate Developers’ Associations of India (CREDAI), an apex body of private real estate developers, has offered its support to be part of the resolution process involving unfinished projects by Amrapali Group in which over 45,000 homebuyers have invested their hard-earned savings.
This proposal was made by Credai members during a meeting with three ministers appointed by the Uttar Pradesh state cabinet, which was also attended by other real estate developers active in the Noida region, sources said.
Over 50 builders attended the high-level meeting. UP industries minister Satish Mahana, urban housing minister Suresh Khanna and state minister (independent charge) of cane development and sugar mills Suresh Rana are the members of the committee that met builders today and had heard home buyers yesterday.
The three-member cabinet committee had been formed on the directions of Uttar Pradesh chief minister Yogi Adityanath—to address issues being faced by home buyers.
“We have said that we are willing to take over the unfinished projects of Amrapali Group at a no profit no loss basis to help our fellow developer provided we are protected from all legal implications,” sources said.
Credai members who have a record of delivering projects on time and a reputed brand name may take over the projects of the embattled developer Amrapali, sources said.
The National Company Law Tribunal has admitted an insolvency plea from the Bank of Baroda against Amrapali’s three firms — Ultra Homes Private Limited, Silicon City, and Amrapali Infra —triggering panic among buyers about their investments.
The developer has failed to deliver at least 10 housing projects on time where construction has been stalled. As many 45,000 homebuyers have invested in Amrapali projects located in Noida and Greater Noida and have paid up 80 per cent to 90 per cent of the total cost of the flat.