State-owned NBCC (National Buildings Construction Corporation) is set to develop an additional 13,500 flats in five ongoing projects of Amrapali in Greater Noida. The company plans to invest Rs 10,000 crore in the development after receiving permission from the local authority to develop on unused land parcels. The move is part of NBCC’s role in completing stalled Amrapali housing projects following a Supreme Court directive.
Completion of Stalled Amrapali Projects
As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment ASPIRE was formed to complete the stuck projects of Amrapali through NBCC India Ltd. Subsequently, NBCC was tasked with completing 38,000 flats and handing them over to homebuyers. R Venkataramani, Senior Advocate of the Supreme Court and the Court Receiver, expressed his gratitude to the Supreme Court for its efforts in ensuring the completion of all stalled projects. Venkataramani also highlighted the need for innovative solutions to address issues facing the Indian real estate sector.
Development on Unused Land Parcels
NBCC CMD K P Mahadevaswamy announced that the Greater Noida Industrial Development Authority has given permission for development on 75 acres of unused land in five of Amrapali’s residential projects in Greater Noida. The development will involve the construction of 80 residential towers, with an estimated 13,500 apartments. The total cost of development is expected to be around Rs 10,000 crore, while a revenue of Rs 15,000 crore is anticipated.
Benefits for NBCC
The development on unused land parcels will significantly improve NBCC’s cash flow and enable the corporation to repay existing bank loans and statutory payments to the authority. Funding for these projects is sourced from a loan of Rs 1,500 crore obtained from a consortium of banks.
Progress of Pending Projects
According to the NBCC CMD, approximately 16,000 flats have been completed as part of the ongoing Amrapali projects. Of this, 6,000 apartments have already been handed over to customers. It is expected that an additional 21,000 units will be completed by December of this year, with the remaining 1,000 units scheduled for completion by March 2025. The completion of the remaining 38,159 units, along with pending common facilities, falls under the purview of the NBCC as a project management consultant. The court receiver has also granted permission to NBCC to sell unsold inventories and Floor Area Ratios (FARs).
A Boost for Homebuyers
The development of unused and purchasable FAR in Amrapali’s existing projects will not come at the expense of reducing green spaces or other facilities promised to homebuyers. The move will provide a much-needed fillip to the completion of these stuck projects, allowing homebuyers to finally receive possession of their homes.
Conclusion
The development of 13,500 new flats in Amrapali’s ongoing projects in Greater Noida marks a significant step towards resolving the long-standing issues faced by both the real estate sector and homebuyers. NBCC’s investment and commitment to completing stalled projects will not only bring much-needed relief to homebuyers but also contribute to the overall growth and development of the real estate market in the region. These developments showcase the positive impact that can be achieved through collaborative efforts by both the public and private sectors in tackling and resolving the challenges faced by the industry.
