The Supreme Court on Thursday warned the Amrapali Group to hand over flats of the Leisure Valley project on time, or else the real estate developers will be sent to jail.
“We are concerned about the buyers’ interest. If the developer doesn’t keep the interest of the buyers and hand over the flats on time, we will send them to jail,” said the apex court.
The Leisure Valley project consists of 19 towers comprising 1,665 flats being built in Greater Noida.
The top court directed the builders to complete its construction at the earliest. Permitting Amrapali to collaborate with 13 other developers, the court said it will monitor the project’s progress.
It asked the developer to give an undertaking it will complete the project on time.
Meanwhile, Amrapali told the court that its 10 projects consist of 10,647 flats. Of this, around 980 flats can be handed over between three and six months and 2,085 flats between six and nine months.
The developer told the SC that 3,130 flats can be delivered within nine to 12 months and 4,452 flats within a year. The next hearing is scheduled for 27 March. Meanwhile, cases relating to other projects of Amrapali will be taken up on 15 March.