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Amrapali-like fraud won't recur: Government assures SC

10 views | Jul 26, 2019, 12:05:03 PM | TOI.in
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The Union Govt assured the Supreme Court of India that large-scale financial fraud, such as cheating of homebuyers in the Amrapali case, will not happen in the real estate sector in future. Govt said that a mechanism had been put in place to check diversion of funds by builders. Additional solicitor general Madhavi Divan informed a bench of Justices that it was now mandatory for real estate companies under the Real Estate (Regulation and Development ) Act to deposit 70 per cent of the money raised from homebuyers in a separate bank account which would be used only for construction and land cost and builders would not be able to divert the money for other purposes.

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