NEW DELHI: The Supreme Court has set the stage for handing over stalled projects of realty firm Unitech in Gurgaon to state-owned builder NBCC, as in the case of Amrapali.
The top court on Monday asked homebuyers in these projects to give their views on NBCC’s proposal to be the project management consultant.
A bench led by Justice Dhananjaya Chandrachud asked the homebuyers to submit their responses before August 2. The court will examine the issue further on August 9.
In the Amrapali case, another bench of the top court had fixed a profit margin of 8% for NBCC to complete the projects. In this case too, NBCC is expected to act as a project management consultant. It is already in the process of completing some unfinished projects of Unitech.
In case a majority of the buyers back the NBCC proposal, the court would sanction the money so far deposited with it as construction costs and the work would get underway on the projects.
At least 16,000 houses have to be delivered in this case as opposed to 42,000 in Amrapali’s case. Of the affected people, 30% want their money refunded whereas 70% want the apartments. The top court said it would set up a high-level committee to oversee the progress of construction.
Efforts will also be made to monetise the unencumbered assets of the company to generate funds for this. The court said it would only address collective objections.
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