The three-member panel formed by the UP government to resolve the builder-buyer dispute has said that co-developers will be roped in to complete the delayed projects of Amrapali Group. The panel has given Amrapali one month to start the construction of projects and two years to complete them.
The announcement followed a meeting with builders body Confederation of Real Estate Developers' Associations of India (CREDAI), which offered to take over Amrapali's projects once a formal co-development policy is approved by the government.
"We have given the proposal to the ministers, which was in agreement to all the people present there. The next step will be to form a formal co-development policy, that too on a project to project basis," said Amit Modi, Vice President CREDAI Western UP and Director, ABA Corp.
"Co-developers will need a ring fencing or else they will face the same issue again. All the legalities need to be taken care of first," he added. Modi said the process might take around one month to complete.
The committee comprising industries minister Satish Mahana, urban housing minister Suresh Khanna and state minister (independent charge) of cane development and sugar mills Suresh Rana met builders and home buyers today as well, in the presence of the chief executive officers of Noida, Greater Noida and Yamuna Expressway authorities.
Amrapali group has over 30,000 incomplete housing units in Noida and Greater Noida.
