[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama |
Group.Here I have important INDIA real estate news to share with you which is as
NEW DELHI: As NBCC faces a cash crunch in completing the construction of
Amrapali's unfinished housing projects, the Supreme Court on Wednesday asked SBI
Capital, which manages the Centre's real estate stress fund, to relax the norms for
releasing funds forthe projects.
The bench said it is the court which has taken on the task to complete the projects,
which precludes any chance of misuse of funds. It said guidelines could be relaxed
in Amrapali's case as the construction work is "court-sponsored" and being monitored
The court’s directions will spell relief to around 46,000 homebuyers who had invested
in Amrapali’s various projects more than a decade ago. Most of them have not been
given possession of the flats as the projects could not be completed due to alleged
diversion of money by the real estate firm and its directors.
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