A bench of Chief Justice U U Lalit and Justice Bela M Trivedi questioned the homebuyers for seeking all their problems to be resolved by the court but not ready to sacrifice anything. The court said that they were showing “commuter and bus mentality” where people sitting comfortably inside the bus do not want others to come inside.
Attorney general R Venkataramani, who is also court-appointed receiver to manage the affairs of Amrapali group and has been exploring various options in the last three years to raise the money to complete the housing projects, floated the proposal for selling unused FAR. He told the bench there is no magic solution available to the problem of fund crunch and it was the best and the easiest way to generate money and it can fetch around Rs 1,000 crore.
As homebuyers lawyer M L Lahoty insisted that money could be raised from selling of the assets of Amrapali’s erstwhile promoters and directors who siphoned the money as per the report of forensic auditor and the option of selling of FAR should not be exercised now, the court suggested that homebuyers should pool money to be used for construction. The homebuyers are opposing as selling of FAR or hiving of the plot would lead to reduction in common areas meant for park and other activities.
“Recovery is not going to materialise soon. You as flat buyers are not willing to put extra money and you also want that you must have your jogging track, swimming pool, badminton court etc. Finance has to be arranged if the construction is to be done. Why don’t they pay extra if they want such facilities. You are a member of community of Amrapali homebuyers so you should also render help to others who are less disadvantaged and still waiting to get possession of flats,” the bench said.
Referring to Lahoty’s submission, the bench said that theoretically it is very rosy but not possible and suggested that homebuyers should take the job of receiver to manage the company. “You do not want to sacrifice anything and also want all facilities. You are sitting at exalted position and you want court to find solution,” the bench said.
Reserving its order on plea for allowing sale of FAR, the bench said that the real estate problem in Noida and Greater Noida is one of its kind because of the faulty policy of the authorities and observed that they have to be generous in sharing the burden.
Justice Lalit has been hearing the case for the last four years as part of different benches and he conducted the proceedings for the last time in the case as he is to retire on November 8.