A glimmer of hope has emerged for Amrapali homebuyers facing delays and anxieties. The Supreme Court has given its green light to a crucial proposal that paves the way for the construction of an additional 13,250 flats in five of the beleaguered developer’s projects in Greater Noida.
This decision hinges on the concept of “purchasable FAR” (Floor Area Ratio). Essentially, the court has approved a mechanism where the court-appointed receiver can use funds from selling additional built-up space (purchasable FAR) to finance the completion of the existing Amrapali projects.
NBCC, the government agency tasked with overseeing the completion of Amrapali projects, estimates that these additional flats could generate a staggering Rs 15,000 crore. This financial windfall would empower NBCC to expedite construction, clear outstanding debts, and finally deliver homes to the long-suffering Amrapali buyers. The court has stipulated that the total balance payment towards the purchasable FAR needs to be settled by the receiver in two equal installments by January 2025.
This landmark decision by the Supreme Court offers a much-needed lifeline to Amrapali homebuyers. The additional funds generated through purchasable FAR hold the potential to significantly accelerate project completion and bring closure to a saga of delays and uncertainties.
