CREDAI (The Confederation of Real Estate Developers Association of India) NCR has come forward to assist the Amrapali Group projects in NCR. The failure of Amrapali to provide buyers with timely delivery has made a negative impact on the buyers. They have lost trust and the builders have lost their credibility; even the ones who are doing great work.

Mr. Pankaj Bajaj (M.D. Eldeco and President of CREDAI) said:
“We have stepped in because the company has already gone into insolvency and there is no way to help the buyers but to complete the houses. We are working on the legal intricacies of this. All members will take the shared responsibility and we will get benefits for FSI or floor area index from the government on our projects. However, we still need to figure how the defaults of the builder are going to be handled because we will only take charge of construction and completion. Legal defaults, defaults to the authorities and how they will be dealt with are yet to be solved. We also have to see what the implications under RERA for these apartments as well.”

CREDAI has extended a helping hand in to complete the pending projects of the group (Amrapali). It has claimed a stake in this bid to assuage the prevailing negative implications on the real estate industry because of the poor performance delivered by the builders.

The pending projects of Amrapali taken under by CREDAI are Princely Estate, Silicon City, Golf Homes, Smart City, Dream Valley, Centurion Park, Leisure Park and Verona Heights.

This action taken up CREDAI would ensure that a certain level is maintained in the construction process and the consumer’s interest is safeguarded. This decision by Mr. Pankaj Bajaj and panel has brought a great relief to the buyers in the NCR. Let's hope that the execution now takes place in a smooth manner.