NEW DELHI: In big relief to over 40,000 homebuyers of the Amrapali group, the Supreme Court on Tuesday said that lender banks and Noida authorities cannot stake any claim in the housing projects. It asked state-run builder NBCC to take over all unfinished projects and complete it in a timebound manner to hand over to homebuyers.

A bench of Justices Arun Mishra and U U Lalit also cancelled RERA (Real Estate Regulatory Authority) registration of all companies of the Amrapali group and directed the Enforcement Directorate to conduct a probe against the group for siphoning of homebuyers money.

Taking into consideration that homebuyers across the country are facing similar problems, the apex court asked the Centre and state governments to step in to protect the interests of homebuyers against real estate companies.

The top court also held banks, Noida and Greater Noida authorities liable for the Amrapali mess and said that their officials had connived with the builder for siphoning of homebuyers money. It said that banks and authorities violated the doctrine of public trust by closing their eyes towards illegal activities of Amrapali group and their officials.

The court made it clear no other party can claim stake in housing projects of Amrapali as they belong to homebuyers and banks and Noida authorities can recover their money after the group's other properties are sold through auction.

SC asks Centre and states to step in to protect homebuyers cheated by real estate companies

As lakhs of homebuyers face an uncertain future after investing their hard earned money in buying homes that builders have failed to deliver on time, the Supreme Court on Tuesday asked Centre and states to protect their interest by taking appropriate action.

A bench of Justices Arun Mishra and U U Lalit said that it was government duty to protect homebuyers who mostly belong to the middle class and are being duped by builders.

There are more than one lakh such homebuyers within Delhi NCR.

The court has come to the rescue of homebuyers on multiple occasions. In the case of Unitech Ltd, the apex court asked the Centre to take over the management of the company to complete its housing projects and had sought government proposal to safeguard the interests of homebuyers.

The apex court had earlier also assured Jaypee homebuyers that it will protect their investment.



In Video: SC cancels Amrapali's registration, asks NBCC to take over pending projects