Amrapali Builder Case: SC Gives Big Relief To Homebuyers, These Instructions To Banks

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New Delhi: The Supreme Court on Wednesday gave its verdict in the Amrapali case. Homebuyers, builders and real estate sector got a big relief in this decision. The Supreme Court has asked banks and financial institutions to restructure the loan of Amrapali homebuyers and release the outstanding loan amount. The amount which has not been released so far should be used to complete the incomplete project.

Justice Arun Mishra said that the officers told us that many projects are incomplete and should be looked into properly. The Supreme Court has instructed the Noida Authority not to impose excessive interest rates if the builders pay interest late.

Apart from this, the Supreme Court has directed that National Buildings Construction Corporation Limited should work for the deposition of funds in the Amrapali case and to complete the unfinished project. Banks can release the outstanding loan amount of homebuyers declared NPAs. RBI should allow banks for this.

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