NBCC to Complete 9 More Stalled Amrapali Group Projects

After getting go-ahead from the Supreme Court, the State-run real estate developer NBCC has begun the process of completing nine more stalled housing projects of the embattled Amrapali Group.

The projects entailing over 27,000 housing units are valued at Rs 5769 crores.

While one project is located at Noida, the rest are at Greater Noida comprising a total of 27,223 houses, said a senior NBCC official.
The Supreme Court constituted committee has asked the NBCC to immediately start the process of execution of nine more Amrapali Noida-Greater Noida stalled projects.

The committee also assured the timely release of funds required to complete the projects.

“Supreme Court constituted Committee under Chairmanship of Court Receiver, R. Venkataramani, has given go-ahead to NBCC asking it to immediately start the process of execution of nine more Amrapali Noida-Greater Noida stalled projects,” NBCC said in a statement.

About a year ago, the Supreme Court had asked the NBCC to start the execution of two stalled projects, to begin with, Eden Park (Noida) and Castle (Greater Noida), comprising 618 Units which the company has already completed and handed over accordingly.

Apart from this, NBCC is presently executing further 8 projects- 7 at Noida and one Greater Noida having a total of 12,169 Units and estimated to cost Rs 634 crore.

Out of 45,000 houses in these stalled projects of Amrapali Group, the process of completion of about 40,000 housing units is underway which would be a great relief to stressed Homebuyers,” according to the NBCC official.

More than 40,000 affected buyers were stuck with under-constructed projects, some even over a decade after the Amrapali Group was dragged to court for alleged fraud and money laundering.

The projects that the Supreme Court asked the NBCC to take over at Noida and Greater Noida are expected to cost Rs 8,361 crore to complete.

While expeditiously acting upon the issue of resolving the homebuyers’ crisis, the committee has also called upon the affected homebuyers to promptly deposit all their pending payments with the designated bank account provided by the court for the successful completion of the housing projects.