SBICap to issue Rs 625 cr fund for Amrapali Group’s six projects
Construction of projects will be done by NBCC
In a relief to thousands of home buyers of now defunct Amrapali Group, the Supreme Court resolved the issue of interest payable to SBICAP Ventures and cleared the hurdle for funding of six stalled projects covering around 7000 residential units.
The SBICAP, which manages the government sponsored stress fund for the real estate sector had earlier told the top court that it has decided to provide Rs 625 Crore for construction of six identified stalled projects of Amrapali Group.
The bench said that construction of the projects will be done by state run National Buildings Construction Corporation (NBCC) and the monitoring will be done by a court appointed committee.
The six Amrapali projects for which construction will be undertaken include Silicon Valley-1 and 2, Crystal Homes, Centurian Park Low Rise, Centurian Park O2 Valley and Centurian Park Tropical Garden, which will have around 6970 residential units.
The top court had earlier directed SBICAP Ventures, which manages government sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, to take a call on financing the completion of stalled projects of the now defunct Amrapali Group.
The Centre has submitted that the State Bank of India has been appointed as a fund manager and it will disburse the amount based on certain norms after an application is made by a real estate entity.
The apex court in its July 23, last year verdict had cracked its whip on errant builders for breaching the trust reposed by home buyers and ordered cancellation of the registration of the Amrapali Group under real estate law RERA, and ousted it from prime properties in the NCR by nixing the land leases.
It had directed the state-run NBCC to complete the stalled projects of the Amrapali Group.