After learning about the dues of the authorities, the court said that “ownership of land and projects”, can be given to them. The court observed that it has to prioritize the interest of the home buyers who invested their earning in the housing projects, and that banks and financial institutions should fight their battle on their own. The home buyers are already in a fix as the construction in many projects has ceased.

The court noted that the home buyers have invested Rs 11,500 crore in the housing projects. As relief for the home buyers, the court said the authorities will be free to engage any renowned real estate developer, including government-owned NBCC, to complete and deliver the projects. Earlier, NBCC, had refused to invest and demanded Rs 8,500 crore. “You (Amrapali) are out now...They (authorities) can engage NBCC or other companies to complete the constructions,” the court said.

The court said the first right over the properties of the group will be of the home buyers, and not banks. The properties are being auctioned on the direction of the court and money raised would be used for construction. The court said: “You (Amrapali) are purely a developer. Neither a bank nor you can claim a stake in the construction completed so far. We will first take care of home buyers’ interest”.