Cant construct Amrapali projects: Noida authorities - The TheIndianSubcontinentNever miss a great news story!Get instant notifications from TheIndianSubcontinentAllowNot nowYou can switch off notifications anytime using browser settings.NewsStock Analysis, IPO, Mutual Funds, Bonds MoreThey said that as government entities keeping the interest of home buyers in mind they had not cancelled the lease agreements with Amrapali despite repetitive default of payment.PTI|May 11, 2019, 06.50 AM ISTGetty ImagesNoida and Greater Noida authorities could not take any action like cancellation of lease agreements against the group due to bulk of home buyers and political weight.NEW DELHI: Noida and Greater Noida authorities Friday told the Supreme Court that they don't have the requisite resources and expertise to construct the stalled projects of the embattled Amrapali Group and favoured handing over the properties to a reputed builder under the supervision of a high powered committee.
They also said that they could not take any action like cancellation of lease agreements against the group which regularly defaulted on payments due to bulk of home buyers and political weight.Both the authorities told the apex court that there was around Rs 5,000 crore pending from Amrapali Group towards the principal amount and interest component besides the penal interest.They said that as government entities keeping the interest of home buyers in mind they had not cancelled the lease agreements with Amrapali despite repetitive default of payment.The top court on May 8 had said that it may give ownership rights of all the 15 prime residential properties of Amrapali Group to Noida and Greater Noida Authorities as it has failed to fulfil its obligations towards 42,000 hassled home buyers.16 new routes for 50 metro feeder buses in Noida, Greater NoidaCant construct Amrapali projects: Noida authoritiesMetro's Aqua line linking Noida and Gr Noida opens for publicATS to help finish stalled realty projects in NoidaClean storm water drains in Noida: NGTCommenting feature is disabled in your country/region.Browse CompaniesABCDEFGHIJKLMNOPQRSTUVWXYZ|123456789To see your saved stories, click on link hightlighted in bold