Amrapali Leisure Valley begins home handover to residents

The handover process for the Amrapali Leisure Valley project in Greater Noida West has officially commenced, marking a significant milestone for homebuyers who have faced years of delays. During a ceremony at the Adarsh Awas Yojana phase, Supreme Court-appointed court receiver R. Venkataramani and NBCC (India) Limited Chairman Dr. K. P. Mahadevaswamy distributed 51 no-objection certificates (NOCs) and possession letters to residents.

This development marks the beginning of the handover process for the final stalled Amrapali project being completed by the NBCC under Supreme Court supervision. Residents are expected to receive their physical keys within 30 to 45 days. For many, this concludes a period of nearly 14 years of uncertainty, during which many were forced to pay both monthly rent and home loan EMIs simultaneously.

The Amrapali insolvency case, which dates back to 2017, has been a landmark matter regarding homebuyers' rights. Following legal challenges by groups such as the Noida Extension Flat Owners Welfare Association (NEFOWA), the Insolvency and Bankruptcy Code was amended in 2018 to recognize homebuyers as financial creditors, providing them greater protection during insolvency proceedings.