The SC verdict in Amrapali case may have given hope to buyers but until houses are delivered, the story isn’t over

It is great that the Supreme Court put the interests of homebuyers first and foremost when dealing with the scurrilous case of Amrapali Developers, the Noida-based group that stands accused and in the forensic audit charged with massive amounts of money laundering. The banks, which gave loans, and the Noida Authority, which sanctioned land and plans for the developer, have seen their interests come second. With the developer in the dock, it is likely that some bank and land officials, who might have taken favours from the company, might also find themselves in a spot of bother as the courts and the investigative authorities take cognisance of the forensic audit of the web of companies that were floated by the promoters of the developer to siphon off funds. Already a large multinational bank is in the crosshairs.

However, this victory and the fact that the NBCC has been tasked with finishing the project does not mean the ordeal is over for the thousands of homebuyers, who bought Amrapali houses in good faith. The work on many of the apartment blocks is far from finished and challenges remain about how an already stretched NBCC, which is redeveloping swathes of central Delhi, can cope with this additional task. At the same time, there is that sticky issue of money. Even if the Supreme Court, the forensic auditors and the Enforcement Directorate can unearth some of it allegedly stashed away by the promoters, it is not enough to finish the houses according to some reports. The homeowners, already stressed with paying rents alongside monthly payments on their home loans, cannot possibly be asked to pony out more for what is rightfully theirs. However, using government funds to complete promised projects would also be unfair because this is not the fault of other taxpayers. This Supreme Court judgement will do little to assuage those who are in the market to buy a new property, nor will it give confidence to developers who are looking for the sector to pick-up from the depths of despair. However, it does offer some hope for the thousands of middle-class Indians who were sold the dream of home ownership and now find themselves neither here nor there. But as the saying goes, the proof of the pudding is in the eating, so the proof of the house will only be when the living begins. Right now, even the most optimistic soul would believe that is still a few years away.