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Relief for Amrapali home buyers; SC directs NBCC to take over
National

Relief for Amrapali home buyers; SC directs NBCC to take over

Agency News

The Supreme Court on Tuesday ordered state-run National Buildings Construction Corporation (NBCC) to take over and complete all the remaining housing projects of the sinking real estate group Amrapali.

In its ruling on Tuesday, the top court ordered the Enforcement Directorate (ED) to register money laundering cases against the company's chairman and managing director Anil Sharma, and directors Shiv Priya and Ajay Kumar. The verdict comes as a big relief to more than 42,000 homebuyers, who had sought possession of flats booked in Amrapali group projects.

The top court also cancelled the RERA or Real Estate (Regulation and Development) Act registration of the company for playing fraud and siphoning off homebuyers' money.