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The Facade: Real estate crisis in Noida, Greater Noida

Priya Singh | 2023-12-12

Defaulting builders and desperate homebuyers — an all-too-familiar script in Noida and Greater Noida could see a twist after a Supreme Court intervention. The Indian Express look for its echoes on the ground
Testimonies by authorities, real estate experts, public courts and homebuyers The Indian Express spoke to suggest Amrapali’s case is only the tip of the iceberg
On July 23, the Supreme Court cancelled Amrapali Group’s registration under the Real Estate Regulatory Authority (RERA) and appointed the National Buildings Construction Corporation (NBCC) to complete construction of 42,000 flats that buyers had been promised six years ago. The judgment concluded a nine-year legal battle waged by homebuyers — though when they get possession remains to be seen.

The landmark decision highlighted that the company had allegedly siphoned money paid by homebuyers as advance — while some of it was diverted to set up new housing projects, part of it was used to pay for “personal” expenses by some Amrapali officials, such as buying villas.
Of the hundreds of small and big builders that were instrumental in the real estate boom in Noida and Greater Noida in the new millennium, several firms are now embattled, leaving thousands of homebuyers in the lurch
Testimonies by authorities, real estate experts, public courts and homebuyers The Indian Express spoke to suggest Amrapali’s case is only the tip of the iceberg.
Of the hundreds of small and big builders that were instrumental in the real estate boom in Noida and Greater Noida in the new millennium, several firms are now embattled, leaving thousands of homebuyers in the lurch as at least 1.06 lakh flats that should have been delivered by now lie incomplete — in some cases only as blueprints.