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A note on NBCC construction schedule and Home Buyer’s outstanding payment schedule
- The Supreme Court has permitted the Home Buyers outstanding payments to be made in terms of NBCC work and payment schedules as per their fund flow requirement.
- The question of payments being made either with reference to Builder Buyer Agreement (BBA) or any Construction Linked Plan of Amrapali etc. will no longer be relevant.
- The Payment Schedule uploaded herewith has been drawn, as far as possible to address the comfort levels of different classes of Home Buyers. It is not possible to provide for individual comfort level.
- Home buyers are requested to abide by this Payment Schedule. Defaults in payments will be automatically notified in the UCO bank payment portal. Consistent defaults, will be gathered and brought to the notice of the Court for due action. Since the entire construction and execution of works by NBCC is a self contained, the payment outstanding amounts must be strictly complied with.
- The Receiver will not enter into any discussion on matters such as delayed construction penalty etc. as might have happened with Amrapali. All related queries should be avoided.
- The Receiver will not individually advice the Home Buyer on their outstanding amounts. Any discrepancy between the amounts due and the amounts paid will however be noticed periodically and if the discrepancy is significant, the matter will be reported to the Court. Home Buyers are further advised not to deposit token amounts, but to abide only by the schedule fixed.
- The Schedule of payment indicator will be the basis for Bank disbursal also. Home Buyers can thus apply to the Bank to schedule their home loan disbursement in accordance with this payment schedule. Accordingly Banks/ other financial institutions can treat this Schedule as the Demand Letter/ Schedule.