Sep 03, 2017 04:11 PM
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Aamrapali Group is based in Noida Sector 62 with their Corporate Office.
The Builder was among the Big and reputed builders in Noida.
They are Pan India Builders with projects in many parts of India.
They had many projects in Noida, Namely Tech Park, Golf Homes, Centurion Park, Leisure Valley Leisure Park,
Silicon City, Princely Estate, Dream Valley, Verona Heights, River View, Crystal Homes etc .
The Flats to all the Projects had been sold and were in the various stages of completion.
The latest booking and sale was for the Verona Heights project.
Work on this project has not started and not sure when it will start.
The work on all the projects has been delayed indefinitely and when it will be done is not clear.
The company is in a bad state and has not paid salaries to its present employees and ex employees. pending salaries are to the tune of Eight Crores for the ex- Employees.
Other outstanding include payment to the PF department, & TDS amounts, , Income tax and other taxes,
Vendor & Supplier, Contractor payments and Investor Payments Bank Loan Outstanding are not being paid.
About 40000 flats are pending to be delivered to HOME BUYERS & some are agitating and protesting in front of the Corporate office in Noida Sector 62 along with the Ex employees of Dream Valley Site.
This company has been referred to the National Company Law Tribunal by Bank of Baroda where they have a huge amount outstanding in Crores.
As the Group in in a bad financial crisis they will not be able to finish up the projects by them selves. Although they are trying different options by selling their land banks and sub letting the projects to other developers in some profit sharing basis but nothing has materialised till now.
Please abstain from any investment in the group in any way.
Over all the Group is in a Big Financial Crisis and not sure if they will be able to recover or not.
