Published On: November 2, 2021
The Supreme Court rejected the Appeal to disqualify Anarock Property Consultants as the Channel Partner for selling 5,192 housing units of beleaguered real estate developer Amrapali Group in Noida and Greater Noida. The Appeal was filed by Square Yards, which is an integrated property platform.
The Supreme Court ordered Banks involved to complete the documentation work and provide financing to Anarock Property consultants within 2 weeks.
State-run NBCC, also expected to grant the letter to Anarock this week to begin selling all unsold houses. Additionally, almost 300 home-buyers will receive possession letters from NBCC this week.
Whereas Square Yards’ offer was rejected by NBCC because the facts furnished failed to inform that the sale value of the housing units/commercial spaces were greater than ₹2,000 crores, the minimum required in the bid document.
“Since the total value of sold units pertaining to these three units was not in excess of ₹2,000 crores, the decision disqualifying the Petitioner cannot be said to be arbitrary. We, therefore, dismiss this Petition,” the Apex Court said in its order.
According to a senior official, Anarock’s bid was the lowest of the two parties that qualified for the technical review and a Letter of Award will be presented later this week.
“By December, possession of at least 300 apartments in Greater Noida will be handed over to the concerned home-buyers, and the final letters/communications will be sent to the concerned home-buyers before Diwali,” the Official added.
NBCC had initially struggled to get funds for the project, and many contractors had threatened to quit working if they were not paid for another four months.
NBCC, on the other hand, aims to make a profit of Rs 1,500 crore from the sale of an underutilized floor area ratio (FAR), with SBICAP Ventures Ltd already investing 650 crores for six projects and other private and public sector banks promising to invest another Rs 1,500 crore.
Also Read: ‘Riches to Rags’- The Rise and Fall of Amrapali Group
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