“Don’t play smart or we will render you homeless.” This was the Supreme Court’s categorical warning to real estate major Amrapali Group, which is accused of delaying its projects to the detriment of homebuyers’ interest.
The top court said it will not allow the company to collect money from hassled homebuyers and warned that “each and every property” of the managing directors and directors of the firm will be sold to recover the cost of construction of its pending real estate projects.
“The real problem is that you have delayed giving possession of homes. Don’t try to play smart or we will sell each and every property of yours and render you homeless. You [the directors] will have to look for your houses like you are making others wait for their homes. We will sell each and every thing of yours,” a Bench of Justices Arun Mishra and U. U. Lalit said.
The Bench got annoyed after the group submitted a proposal to sell commercial properties worth ₹400 crore against the expected cost of ₹4,000 crore to be incurred in completing its pending projects.
It sought details of immovable and movable properties of managing directors and directors of the company along with their valuation report within 15 days. The Bench listed the matter for hearing on August 14.
