square yards: Supreme Court rejects Square Yards’ appeal to disqualify Anarock Property Consultants as the channel partner
is expected to grant Anarock the letter this week, enabling the property consultant to begin selling unsold housing units from the project, in a relief to homebuyers. In addition, 300 homebuyers will receive possession letters from NBCC this week. The Supreme Court also ordered the banks involved to complete final documentation and provide financing to Amrapali projects within two weeks.
NBCC rejected Square Yards’ offer because the facts had not indicated that the sale value of the housing units/commercial spaces was greater than ₹2,000 crore, the minimum required in the bid document.
“Since the total value of sold units pertaining to these three units was not in excess of ₹2,000 crore, the decision disqualifying the petitioner cannot be said to be arbitrary. We, therefore, dismiss this petition,” the apex court said in its order.
Anarock and Square Yards declined to comment.
“This paves the way for us to generate cash through the sale of housing units. The money will be used to expedite the construction of stuck projects,” an executive at NBCC said, pleading anonymity.
Anarock’s bid was the lowest of the two brokerage firms that qualified in the technical review, according to a senior official, and a formal letter of award will be delivered this week.
NBCC had invited property experts to submit bids to take over the sale of Amrapali housing units worth ₹2,182.57 crore, as well as 21,897 sq ft of commercial space for ₹25 crore.
“By December, possession of at least 300 apartments in Greater Noida will be handed over to the concerned homebuyers, and the final letters/communications will be sent to the concerned homebuyers before Diwali,” the official added.
NBCC had originally struggled to fund the construction, and many contractors had threatened to stop work if payment for the job was not granted for another four months.
However, NBCC expects to collect ₹1,500 crore from the sale of underutilised floor area ratio (FAR), with SBICAP Ventures Ltd already committing ₹650 crore for six projects and other private and public sector banks agreeing to inject another ₹1,500 crore.