Amrapali case: Supreme Court asks NBCC how it will deal with Rs 2,300 crore unsold flats

The Supreme Court on Wednesday directed the National Buildings Construction Corporation (NBCC) and the homebuyers to suggest how they will deal with the unsold flats.

Flats worth more than Rs 2,300 crore are yet to be sold.

In order to rescue the homebuyers who have purchased flats by taking bank loans, the Supreme Court also issued notice to banks to give suggestions on what can be done to release pending loan amounts so that payments could be made.

The apex court has asked government to suggest modalities of how GST/service tax will be calculated for the homebuyers who are registering their houses.

The Supreme Court has also asked for a tripartite agreement. A tripartite agreement is a legal document that clearly states the responsibilities and of all parties involved as well as the terms of the deal.

A dedicated bank account will be opened at the UCO Bank for homebuyers to deposit pending payments.

The Supreme Court has issued a notice to Bhubaneswar and Raipur revenue officials as well to file responses on how much money was deposited by Amrapali for purchase of land.

Further, forensic audit of two properties — Heartbeat City and O2 Valley – will also be done.

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