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Supreme Court reserves verdict on sale of unused FAR of Amrapali Projects

Supreme Court reserves verdict on sale

New Delhi: Last Wednesday, the Supreme Court (SC) reserved its decision on the unused FAR (floor area ratio) sale of Amrapali Group, a real estate, Company. This order was issued to generate revenue for its hold-up projects.

The floor area ratio is the ratio of a building’s total gross floor area to the size of the land on which it is developed.

Chief Justice of India, U. U Lalit, and Bela M Trivedi Justice reserved their judgment on this floor area ratio issue.

On this issue, The Greater Noida authorities and Noida authorities have opposed the sale of the unused floor area ratio.

But, general R Venkataramani, court attorney and receiver, supported this decision, and he stated this idea would help generate revenue for this group’s several hold-up projects.

On medical grounds, interim bail was issued against Anil Kumar, CMD of Amrapali Group of Companies Sharma, and the real estate firm’s ex-director Shiva Priya. Still, the supreme court extended the bail on October 22.

Funds are required to finish several holds-up projects.

Earlier, R Venkataramani had said the funds are required to finish several holds-up projects. Despite the payment of selling unsold inventories, bank loans, and home buyers, the amount we will collect will remain short compared to the amount required to complete the remaining projects. Therefore, they need to sell new floor area ratios.

Chief Justice U Lalit conducted a special hearing on a non-working day. It allowed Sharma to continue on temporary bail. He was to go for surgery because he had lost approx. 90-95 percent of his vision.

The issued bail had allowed him to went to Chennai for the surgery, and he was asked to submit a report of his medical conditions five days after the approach.

Supreme court also granted an extension of interim bail

Similarly, on August 22, the supreme court also granted an extension of interim bail to Shiva Priya, who was granted interim bail for two weeks, and the court issued notice to him to surrender by November 7 before the court case; otherwise, he would be sent back to jail or arrested.

In 2018, both Shiva Priya and Sharma were arrested and sent to jail for various offenses like criminal breach of trust, money laundering cases, cheating, and having spent nearly four years in lock-up. Shiva Priya and Sharma have been summoned to drain money from many home buyers.

The EOW (Economic Offence Wing) of Delhi Police and the SFIO (Serious Fraud Investigation Office) has also been investigating several cases lodged against former officials of the real estate group.

Supreme court had ordered an inquiry to the ED

The Supreme court had ordered an inquiry to the ED (Enforcement Directorate) into this money laundering claim by realtors and provided relaxation of home buyers of Amrapali Group, with more than 42,000 home buyers.

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In July 2019, the court had a verdict on builders for breaking the trust of home buyers and ordered the cancellation of registration of the Amrapali Group under RERA law real estate law.

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