Summary:
“SC has directed that NBCC has to conduct survey and furnish the proposal for stalled projects of Amrapali group. It said some builders sold their projects at prices lower than the cost of construction due to stiff competition which made them economically unviable and suggested that NBCC be roped in to complete the projects. At this stage, the investors do not put in their money as there is no clarity on return of their invested money. Therefore it is recommended that the last mile funding for projects may be permitted on the basis of ‘Last-In First Out’, where the investor who puts in money at the last stage to complete the stalled projects exits first,” the report said. Therefore in absence of last mile funding, projects get stuck..