Amrapali Sapphire buyers have Rs 46 crore dues: Report

Sharmila Bhowmick | TNN | Updated: Sep 16, 2019, 12:03 IST

Amrapali Sapphire 1 has 1,033 flats allotted, while Phase 2 has 1,308

NOIDA: A section of buyers of Amrapali Sapphire 1 and 2 owes the builder Rs 46.5 crore, a forensic report states, at a time when a tripartite agreement is to be signed among the Noida Authority, buyers and the court receiver.
According to the report, over Rs 3 crore is due from buyers who have already moved into flats.
A copy of the forensic report, accessed by TOI, also points out several discrepancies in the financial transactions of Sapphire 1 and 2, which is among the few Amrapali projects that have seen completion to a certain extent.
The total number of Amrapali flats in which buyers have moved in is 14,000. Of this, Sapphire phase I is the first project that is awaiting a tripartite agreement.
“A sum of Rs 46.44 crore is recoverable from the homebuyers of Amrapali Sapphire Developers Private Limited from Sapphire I and II schemes. Out of Rs 46.44 crore, a sum of Rs 3.64 crore is recoverable from homebuyers of Sapphire phase I who have already taken possession but not paid the full amount,” says page 207 of the forensic report, secured by a group of buyers.
Of the total amount, buyers have to pay Rs 7 crore for buying commercial space. While Sapphire 1 has 1,033 flats allotted, Phase 2 has 1,308. The report also says, “…Rs 76.02 crore worth transactions do not have accounts pertaining to Sapphire phase 1 and 2 as flats have been sold at Rs 1,000-Rs 1,400 per square feet, which is lower than construction costs. The forensic auditor has made a note of this…”

According to the report, there are 655 flats that were booked for meagre amounts. Auditors have written to all these allottees, of which 101 letters have been returned. They have received replies from 236 of them while 318 buyers have not responded to queries.
“For long, we wanted this forensic report to come out. We could secure a part of the report pertaining to our projects. We are shocked that there are buyers who are living in flats without clearing dues. Our request now is that honest buyers who have paid up all dues should be allowed to get registration for their flats at the earliest,” said a Sapphire I buyer.