Press Trust of India “Don’t play smart or we will render you homeless.”

This was the Supreme Court’s categorical warning to real estate major Amrapali Group, which is accused of delaying its projects to the detriment of homebuyers’ interest.

The top court said it would not allow the company to collect money from hassled home buyers and warned that “each and every property” of the managing directors and directors of the firm would be sold to recover the cost of construction of its pending projects.

“The real problem is that you have delayed giving possession of homes. Don’t try to play smart or we will sell each and every property of yours and render you homeless.

“You (directors) will have to look for your houses like you are making others wait for their homes,” said a Bench of Justices Arun Mishra and UU Lalit.

The Bench got annoyed after the Amrapali Group submitted a proposal to sell commercial properties worth ₹400 crore, as against the expected cost of ₹4,000 crore to be incurred in completing its pending projects.

“You are giving us a proposal of just ₹400 crore against the expected cost of ₹4,000 crore for completion of pending projects. You are actually acting smart. When you are before the court, you have to be sincere and upright. The day is not far when you will compel us to sell your properties,” it said.

It sought details of the immovable and movable properties of the company’s MDs and directors along with their valuation report within 15 days.

During the hearing, advocate Gaurav Bhatia, appearing for Amrapali, said it can raise ₹6,119 crore, including ₹5,112 crore in dues from home buyers, and the remaining from its unsold inventories.

To this, the Bench said it would not allow the group to collect money from home buyers and it was actually the firm which should pay them for delayed possession of flats.

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