Amrapali Leisure Valley: 51 Buyers Receive Possession Letters as 86 Projects Remain Stuck in NCLT
Amrapali Leisure Valley in Noida has issued possession letters to 51 homebuyers, offering hope after years of waiting, even as 86 residential and commercial projects remain pending before the NCLT.
- 51 buyers receive possession letters and NOCs for three towers in Phase 1.
- NBCC expects to hand over keys within 30–45 days.
- 86 real estate projects in Gautam Budh Nagar and Ghaziabad remain pending before the NCLT.
Greater Noida: Homebuyers at Amrapali Leisure Valley in Noida have moved a step closer to getting their homes, with possession letters and no-objection certificates (NOCs) issued to 51 buyers under Phase 1 of the Adarsh Awas Yojana.
The development marks progress in a project that has kept buyers waiting for years. However, the wider real estate sector in the region continues to face delays, with 86 residential and commercial projects still pending before the National Company Law Tribunal (NCLT).
The first batch of documents was handed over by Supreme Court-appointed court receiver R. Venkataramani to buyers in towers A1, G1 and H1. These are among the eight towers planned under the project. The National Buildings Construction Corporation (NBCC), which is responsible for overseeing the completion of stalled Amrapali projects, has indicated that the physical handover of keys is expected within 30 to 45 days.
The development provides relief to the selected buyers, although possession will depend on the completion of the remaining handover formalities.
The Amrapali case has been under legal scrutiny since 2017, when Ultra Homes Construction Private Limited, associated with the Amrapali Group, entered insolvency proceedings. In July 2019, the Supreme Court issued directions for completing the group’s stalled housing projects and appointed R. Venkataramani as court receiver to oversee the process.
The case also played a significant role in establishing the legal rights of homebuyers during corporate insolvency. Following a challenge by the Noida Extension Flat Owners Welfare Association (NEFOWA), the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, recognised homebuyers as financial creditors. The Supreme Court subsequently upheld the constitutional validity of the amendment.
NBCC has since been involved in the completion of stalled Amrapali developments under the court-directed process. The latest possession letters at Leisure Valley represent progress under this broader effort, although the timelines for other buyers and projects may vary.
While some Amrapali buyers are moving closer to possession, a large number of projects across western Uttar Pradesh remain caught in insolvency proceedings. Of the 86 projects pending before the NCLT, 56 are located in Gautam Budh Nagar and 30 in Ghaziabad. The cases cover both residential and commercial developments, with some reportedly pending since 2019.
The extended proceedings have left homebuyers waiting for clarity on project completion, possession and the settlement of their claims. For many affected families, the uncertainty continues despite legal provisions intended to protect buyers when a developer defaults.
Insolvency expert Sumit Khanna has highlighted the gap between the timelines envisaged under the Insolvency and Bankruptcy Code (IBC) and the time taken to resolve cases in practice. The original framework provided 180 days for resolution, with extensions allowing a maximum period of 330 days, subject to the applicable legal provisions.
However, the figures cited in the report indicate that cases resulting in an approved resolution plan take approximately 633 days, while the period between admission and approval can approach 750 days. Around three-quarters of matters before the tribunal are reportedly running beyond 270 days.
Khanna identified delayed admission of insolvency cases and repeated litigation as major reasons for the backlog. Although the IBC provides a 14-day period for the tribunal to determine whether a default has occurred, admission proceedings can take considerably longer in practice. Disputes concerning creditor committees, property valuations, claims and the eligibility of prospective bidders can add further delays.
Capacity constraints at the NCLT have also emerged as a concern. According to the figures cited, the tribunal had a sanctioned strength of 63 members, with 52 serving as of July. A parliamentary panel has also highlighted the tribunal’s heavy insolvency caseload and its dependence on contractual staff.
Uttar Pradesh Real Estate Regulatory Authority (UP RERA) chairperson Sanjay Bhoosreddy has stated that projects entering NCLT proceedings fall outside the regulator’s jurisdiction. This creates additional challenges for buyers seeking oversight and updates while insolvency proceedings are underway.
Industry participants have suggested that closer coordination between development authorities and other government agencies could help revive stalled projects where completion remains feasible. Better coordination may also help address infrastructure-related issues and clarify the responsibilities of different stakeholders.
For the 51 buyers at Amrapali Leisure Valley, the immediate next step is the expected handover of keys within 30–45 days, as indicated by NBCC. Buyers will need to follow the applicable possession process and confirm the completion of relevant formalities before taking over their homes.
For the remaining stalled projects in Gautam Budh Nagar and Ghaziabad, progress will depend on the resolution of insolvency cases, the outcome of legal disputes and the ability of developers or appointed agencies to complete construction. Faster case admissions, fewer prolonged disputes and better coordination between authorities could help move eligible projects towards completion.
The latest development at Amrapali Leisure Valley offers a measure of relief to buyers who have waited years for their homes. However, the 86 pending cases underline the scale of the challenge still facing the region’s real estate market. For thousands of affected homebuyers, timely possession and a clear path to project completion remain the primary concerns.
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