Amrapali Dream Valley flats handed over after 10 years

11 Oct 2024 CW Team

Shailendra Bhadauri, a 56-year-old public sector employee, booked a 2BHK flat in 2013 for Rs 3.8 million and took a loan of Rs 1.2 million. Though he has a government accommodation in Delhi, he will need to vacate it upon retirement in three years. Bhadauri expressed relief, saying, "Purchasing this flat took nearly all my life savings, and I still continue to pay the loan. The emotional and financial toll of this journey has been immense, but there's finally hope."

The Amrapali Dream Valley project, launched in 2010, was planned in three phases. Construction for the third phase, Dream Valley Enchante, began in 2014, with the promise of handing over flats within 36 months. However, work was halted when the developer filed for bankruptcy, leaving many buyers in limbo.

In 2019, the Supreme Court assigned NBCC to manage the completion of Amrapali’s stalled projects, including 38,159 units across several developments. After delays caused by a blacklisted construction firm in 2022, NBCC brought in Gautam Builders to finish the Dream Valley Enchante society.

Currently, two towers with 300 flats are completed, while the remaining three towers are nearing completion. All units in the project are 2BHKs.

Anuj Maurya, another homebuyer who received his flat, shared his struggle of paying off a Rs 1.5 million loan while living in rented accommodation in Ghaziabad. "I booked my flat in 2015, and by 2018, I feared I would never get it. But the support of fellow homebuyers helped me persevere through the difficulties," Maurya said.

Dipankar Kumar, one of the homebuyers leading the fight for possession, remarked that the "long battle is now bearing fruit." He is still awaiting his flat's handover.

NBCC is currently managing 14 unfinished Amrapali projects in Noida, including Sapphire 2, Crystal Homes, and other phases of Dream Valley. In 2019, the Supreme Court held Amrapali Group accountable for misusing homebuyers’ funds and revoked its license under the RERA Act.

(ET)

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After a decade-long wait, 51 homebuyers of the Amrapali Dream Valley Enchante project in Greater Noida West finally received the keys to their apartments. The handover process was initiated by the National Buildings Construction Corporation (NBCC), four years after it was tasked with completing the stalled project. The remaining 800 buyers are expected to receive possession soon.Shailendra Bhadauri, a 56-year-old public sector employee, booked a 2BHK flat in 2013 for Rs 3.8 million and took a loan of Rs 1.2 million. Though he has a government accommodation in Delhi, he will need to vacate it upon retirement in three years. Bhadauri expressed relief, saying, Purchasing this flat took nearly all my life savings, and I still continue to pay the loan. The emotional and financial toll of this journey has been immense, but there's finally hope.The Amrapali Dream Valley project, launched in 2010, was planned in three phases. Construction for the third phase, Dream Valley Enchante, began in 2014, with the promise of handing over flats within 36 months. However, work was halted when the developer filed for bankruptcy, leaving many buyers in limbo.In 2019, the Supreme Court assigned NBCC to manage the completion of Amrapali’s stalled projects, including 38,159 units across several developments. After delays caused by a blacklisted construction firm in 2022, NBCC brought in Gautam Builders to finish the Dream Valley Enchante society.Currently, two towers with 300 flats are completed, while the remaining three towers are nearing completion. All units in the project are 2BHKs.Anuj Maurya, another homebuyer who received his flat, shared his struggle of paying off a Rs 1.5 million loan while living in rented accommodation in Ghaziabad. I booked my flat in 2015, and by 2018, I feared I would never get it. But the support of fellow homebuyers helped me persevere through the difficulties, Maurya said.Dipankar Kumar, one of the homebuyers leading the fight for possession, remarked that the long battle is now bearing fruit. He is still awaiting his flat's handover.NBCC is currently managing 14 unfinished Amrapali projects in Noida, including Sapphire 2, Crystal Homes, and other phases of Dream Valley. In 2019, the Supreme Court held Amrapali Group accountable for misusing homebuyers’ funds and revoked its license under the RERA Act. (ET)

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