THE SWAPPING CASES

The office will consider the swapping option only if the home buyers meet all of the following criteria:-

1. Only those home buyers, who have completed 80% of the total payment of cost of the unit and further have timely paid their pending dues as per the given schedule on CR website in UCO Bank and updated the payment details in customer data.
2. The home buyers whose consideration money has been adjusted by Journal Voucher (JV) Adjustment will not be entertained under swapping category.
3. The undervalued cases as reported to Forensic Auditor report will also not be considered eligible for swapping.
4. Units from smaller to bigger will be considered only with the condition if the home buyer agrees to pay the current selling rate (as decided by the committee) for the new unit. The money paid for the earlier unit shall be adjusted against the total cost of the new unit.
5. No swapping is permitted from the Noida to G Noida or Vice versa. Therefore, any swapping can be done within the district preferably within the projects.
6. The units from bigger to smaller can be considered on case-to-case basis on priority subject to availability of unit or feasibility.
7. No further request of swapping will be entertained after 01st July 2022.
8. The home buyers shall be permitted to make only one swapping request option.
9. The office of the Court Receiver reserve the right to allow or reject any swapping request and no further query will be entertained on this matter.
10. The home buyers who have obtained home loan need to provide no dues cum no objection certificate from the respective banks.

Based on the policy above, the office of Court Receiver will send the communication to the Eligible home buyers soon via swapping@receiveramrapali.in Only.

Home Buyers are requested to respond to that communication on the email mentioned above only, mails related to swapping on other email ID will not be considered.

Those who fail to meet the eligible criteria shall not be send any communication. We regret to consider their swapping request.

THE JV ADJUSMENT CASES

The Home units whose consideration money has been adjusted fully or partly through Journal Voucher (JV)

The person claiming the residential unit(s) under this category has to fulfil the following criteria for getting the claim settled.

1.The books of accounts, audited accounts and income tax documents must show the claim existing in the books of accounts consistently to the satisfaction of Forensic Auditor.

2.The agreement, builder buyer agreement, receipts and all complete documents related to the residential units should be presented in original form before the forensic auditor for his verification and certification along with a copy of the same.

3.Based on the clearance of the forensic auditor as per the serial No. 1 & 2 above, the claimant has to pay the adjustment fee as under: –

4. If the housing units allotted to the claimant is found to be undervalued, then claimant has to pay 20% of the undervalued amount plus prevailing tax in addition to point no. 3 above towards the cost of construction. The units will be considered undervalued based on the average rate of sale as reported in the forensic audit report submitted before the Hon’ble Supreme Court of India. However, if the claimant has claimed extra JV adjustment or payment, or their account show excess balance due to claimed J.V. Adjustment then the Court Receiver will not adjust/refund the excess money lying in his account. Further No refund shall be entertained based on JV Adjustment cases.

5. The claim of the units shall be subject to the availability of the inventory with the Court Receiver and the person shall not raise any objection if some alternate unit is allotted to him.

6. The claimant shall also undertake to pay “A Sinking Cum Reserve Fund” and other charges as well for the completion of the construction, which has been published separately.

7.The JV adjustment cases shall not be entitled for the swapping or the refund option.

8.If Any, the home buyers who have obtained home loan need to provide no dues cum no objection certificate from the respective banks (If Applicable).

The queries or clarification if any should be raised/asked at given email address JV@receiveramrapali.in only. Kindly appreciate with increased number of mails it would not be possible to attend and consider the email communication received on receiveroffice@gmail.com.

Undervalued Cases

The cost of construction has increased substantially since initial booking of the unit was made. The committee has also obtained funding to complete the construction and is required to pay interest as well. In order to complete the units, more funds are required at this stage. Therefore in order to meet the expenses, it has been decided as under: –

1.The under-value sales have been identified and listed in the forensic audit report submitted before the Hon’ble Supreme Court of India. The units earmarked as under value sales shall be dealt as under.

The ‘under-value’ units reported in FA report shall be asked to pay 15% of the undervalued amount plus prevailing taxes. However, the cases in which unit cost has been shown at extraordinary low rate (below Rs. 1500/- per sq. feet), they will be asked to equalize the gap before being asked to pay 15%.

2. All the home buyers under this category shall further be asked to contribute towards the Sinking cum Reserve Fund which has been notified separately and applicable to all category of home buyers.

The queries or clarification if any should be raised/asked at given email address undervalue.settlement@receiveramrapali.in only. Kindly appreciate with increased number of mails it would not be possible to attend and consider the email communication received on receiveroffice@gmail.com.

Sinking Cum Reserve Fund

The cost of construction has increased substantially since initial booking of the unit was made. The committee has also obtained funding to complete the construction and is required to pay interest as well. There is likely to be a short fall, if overall collections are not sufficient enough to complete the projects. Therefore, in order to keep necessary provision of fund, it has been decided as under: –

“A Sinking cum Reserve Fund” shall be created to make provision of shortfall in construction cost and interest cost if any. All the home Buyers across shall be asked to deposit a sum calculated @ Rs. 200/- per Sq. ft. for booked units in that fund, with the condition that such funds if not-utilized, shall be refunded back to them on overall completion of the projects. In case part utilization of amount, proportionate amount shall be refunded to all the home buyers out of the unutilized money. This shall be applicable to the all categories of home buyers of erstwhile Amrapali Projects.

The queries or clarification if any should be raised/asked at given email address reservefund@receiveramrapali.in only. Kindly appreciate with increased number of mails it would not be possible to attend and consider the email communication received on receiveroffice@gmail.com.