The apex court of India, Supreme Court has ordered Enforcement Directorate to conduct an investigation regarding money laundering against Amrapali group, its managing directors and other directors. The group diverted homebuyers’ money and that the Noida and Greater Noida authorities colluded with the builder, Supreme Court said.
While the other order by the SC followed for the cancellation of the Amrapali’s Real Estate Regulatory Authority registration and all of its land leases. The bench also directed state-owned NBCC India Ltd. to complete the unfinished housing projects in Noida and Greater Noida and give away these to homebuyers. NBCC will get 8 per cent commission for completing Amrapali’s projects.
In a relief to over 42,000 hassled home buyers, the SC also directed Noida and Greater Noida concerns to give completion certificates to flat buyers already residing in various projects of the Amrapali group. NBCC stock rose as much as 3.25 per cent to Rs 52.4 before paring gains.