After Amrapali, Unitech: NBCC may take over stalled Jaypee projects

Appearing for the Centre, Additional Solicitor General Madhvi Divan said the Finance Ministry will assist the Corporation in coming up with the revised proposal.

Amrapali, National Buildings Construction Corporation, Jaypee Infratech Limited, jaypee groups, jaypee projects in noida, noida news

The Amrapali Dream Valley project in Noida Extension. (Express photo/Gajendra Yadav)

After Amrapali and Unitech, the National Buildings Construction Corporation (NBCC) may soon be taking over incomplete projects of yet another beleaguered real estate company, Jaypee Infratech Limited.

A Supreme Court Bench of Justice A M Khanwilkar and Justice Dinesh Maheshwari Thursday gave the Corporation three weeks to submit a revised proposal for taking over 27 unfinished projects of the group. The court allowed the time to NBCC after the Corporation assured that it will come up with a revised proposal for this.

Appearing for the Centre, Additional Solicitor General Madhvi Divan said the Finance Ministry will assist the Corporation in coming up with the revised proposal.

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On September 3, while issuing a notice to NBCC, the court had said: “In view of the suggestions made, we would like to know from the NBCC whether it would be in a position to submit a revised plan to address the aspirations of various stakeholders.”

The court had also said that it would waive taxes if NBCC was to take over the incomplete projects. Appearing for the homebuyers, Advocate M L Lahoty highlighted his concern with respect to the pace of work of Amrapali projects undertaken by NBCC, and said the Corporation should commit to pay up in case it fails to deliver the flats as per schedule.

On this, the court said those who want to give suggestions can give it to NBCC in a week.

The top court directed all stakeholders including homebuyers to make representation to NBCC within one week so that their concerns are taken note of in the revised plan.