The Supreme Court on Monday directed the real estate company Mahagun to deposit Rs 240 crore before the court by March 31 regarding the dispute over a plot of land which was given to the Amrapali group, failing which the land would be actioned by the Noida authority.
The Supreme Court said that the Noida authority will auction off the land if the builder fails to deposit the amount of Rs 240 crore before the court.
The Supreme Court had earlier last month asked SBI Capital (SBI CAP) to begin funding for six housing projects of the Amrapali Group, after it informed the top court that six among them had been found viable.
Reeling under slowdown and impact of COVID-19 induced lockdown, the real estate companies in Noida and Greater Noida areas got the much-needed relief as the apex court had capped the rate of interest at eight per cent to be charged by authorities on the outstanding dues of land against the exorbitant 15 to 23 per cent.
The top court said considering the current state of the real estate sector, the projects have come to a standstill and the sector needs to be given impetus mainly considering the plight of home buyers.
