Three properties of former promoter and director of Amrapali Group auctioned for Rs 29 crore

Three properties of Shiv Priya, the former promoter and director of the erstwhile Amrapali Group, have been auctioned by MSTC Limited for around Rs 29 crore, sources told Moneycontrol.

The three properties include two plots and one villa located in Noida and Greater Noida, the sources said.

The advertisement for the auction of these properties was floated by MSTC  on November 29. The Supreme Court appointed court receiver R Venkatramani, under whose guidance the auction was conducted, will now submit the proposals received before the Supreme Court on the next date of hearing for its approval, they said.

The proceeds would be utilized for construction of the Amrapali projects.

“This is good news for homebuyers. We are hoping for similar directives for sale of properties for other Amrapali directors as well,” said advocate Kumar Mihir.

MSTC recently auctioned Amrapali's assets in Udaipur for Rs 25 crore and is expected to auction more properties in Mathura ad Bareilly next month.

In November 2021, a consortium of six public sector banks had agreed to pump in Rs 1,000 crore to complete pending projects of the embattled Amrapali Group and informed the  the Supreme Court. The PSBs that gave their in-principle approval to infuse this money were Bank of Baroda, Punjab National Bank, Bank of India, Punjab & Sind Bank, State Bank of India and UCO Bank. The infusion of funds would enable state-run NBCC to speed up the work on building various Amrapali projects— some of these have been pending for nearly a decade.

The Supreme Court had earlier directed MSTC to sell the unsold floor area ratio (FAR) of Amrapali Group's former chairman Anil Sharma's private properties and unsold flats in several projects in Noida and Greater Noida.

NBCC has been asked to complete construction of more than 20 housing projects with an estimated investment of over Rs 8,000 crore under the monitoring of a court-appointed committee.

The Supreme Court in its July 23, 2019 verdict had ordered the cancellation of the registration of the Amrapali Group under real estate law RERA, and ousted it from prime properties in the NCR by nixing the land leases.