Amrapali housing projects to be completed by March 2025

By Bricksnwall | 2023-10-31

According to a senior corporate official, state-owned NBCC will build the final almost 25,000 flats in the Amrapali housing projects in Noida and Greater Noida by March 2025. NBCC has constructed over 13,500 units so far in these stalled housing projects.

Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established in accordance with the Supreme Court's directive to finish Amrapali's unfinished projects via NBCC (India) Ltd.

NBCC is committed to completing the Amrapali Projects, notwithstanding challenges.. We are devoting our energies to ensuring that the project's home buyers' aspiration of becoming homeowners is realized. By March 2025, we hope to have finished all of the projects," NBCC CMD K P Mahadevaswamy told PTI.

He emphasized that, of the approximately 13,500 apartments that NBCC has finished to date, 5,100 have been turned over to the clients.

Before the July 2019 ruling by the Supreme Court, there were 46,575 apartments spread over 25 housing complexes, of which 8,416 were already inhabited by homeowners, according to NBCC.

In its capacity as a project management consultant (PMC), NBCC was tasked with finishing the 38,159 units that were still unfinished as well as the unfinished common areas in the projects where 8,416 units had already been delivered at an estimated cost of Rs 8,266 crore. 

NBCC completed work of around Rs 5512.10 crore until September 2023, and up until October 23 of current year, it received Rs 5,229.60 crore from clients.

SBICAP Ventures Ltd. has approved finance of Rs 650 crore for 6 projects to be completed in order to finalise these 25 projects. 

Furthermore, till August 2023, a group of seven banks, including Punjab National Bank, Indian Bank, State Bank of India, Bank of Baroda (Lead Bank), Punjab & Sind Bank, UCO Bank, and Bank of India, have sanctioned Rs 1,500 crore and released roughly Rs 1,496.45 crore.

The sale of unsold inventory and Floor Area Ratios (FARs) under the court Receiver's supervision was authorised by the Supreme Court for NBCC.

To sell unsold units, real estate consultants Anarock and Star Estates were enlisted. Flats valued at Rs 2,500 crore have been sold thus far.

NBCC, a navratna CPSE, was founded in 1960 and operates in three primary sectors: real estate development, engineering procurement and construction (EPC), and project management consulting (PMC), where it completes historic projects in a variety of industries as well as government rebuilding projects.