NEW DELHI: All are facing shortage of funds in completing the construction of housing projects of Amrapali GroupThe Supreme Court-appointed receiver has decided to raise funds from home buyers to meet the shortfall and asked them to deposit an additional amount of Rs 200 per square foot of their flats.

Considering that the cost of construction has increased significantly since the initial booking of the unit by homebuyers a decade ago, a separate “sinking cum reserve fund” has been created where homebuyers will deposit the additional amount.

“A sinking cum reserve fund will be created to make provision for reduction in construction cost and interest cost. All home buyers will be asked to deposit an amount calculated at the rate of Rs.200/- per sq.ft for the units booked in that fund, with the condition that if such funds are not utilized, they shall be returned to the projects as a whole. Proportionate amount will be refunded out of the money. This will be applicable to all categories of home buyers of erstwhile Amrapali Projects,” the notice posted on the website managed by the receiver.

Homebuyers have opposed the receiver’s decision and have decided to object it before the Supreme Court which is monitoring the entire exercise. As the hearing of the matter has been adjourned for Tuesday, advocate ML Lahoti, appearing for the home buyers, submitted that the buyers were waiting for their flats for many years and should not be burdened. He said the money should be recovered from the former promoters and directors of the group, which have been misappropriating the money of home buyers.

“This has caused agitation and devastation among buyers as they have already paid over Rs 1,100 crore as per new construction, out of which a total of Rs 3,400 crore has been paid. Also, as per the Supreme Court judgment The total recovery was Rs 11,000 crore, but only the total amount that has been recovered is Rs 2,900 crore, of which 1,100 crore is from home buyers. The receiver has taken any action on recovery from directors, CFOs, sale of properties, etc. And now the burden is on home buyers even more,” he said.

“The undervalued units reported in the FA (Forensic Audit) report shall be asked to pay 15% of the undervalued amount plus the prevailing taxes. However, in cases where the unit cost is exceptionally low rate (less than Rs. 1500) – per sq. ft.), will be asked to equalize the difference before asking them to pay 15%.”