NBCC gets nod for ₹10,000 Crore Amrapali projects

22 Feb 2024 , 03:27 AM

NBCC, a state-owned company, announced on Wednesday that Noida Authority has granted it permission to develop five Amrapali projects, totaling ₹10,000 Crore.

‘NBCC (India) Limited has obtained in-principle approval of Greater Noida Authority for development of unused and purchasable FAR in furtherance of existing projects of Amrapali valuing Rs. 10,000 Crore (approx),’ stated the business in its stock exchange statement.

The five projects are: Dream Valley, GH-09, Tech Zone-IV, Greater Noida; Centurian Park, GH-05, Sector Tech Zone-IV, Greater Noida; Golf Homes, GH-02, Sector-4, Greater Noida; Leisure Park, GH-01, Tech Zone-IV, Greater Noida; and Leisure Valley, GH-02, Tech Zone-IV, Greater Noida.

NBCC reported sales of 5,000 units for ₹2,900 Crore across multiple residential projects of the former Amrapali Group in December 2023.

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.

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 ₹8,266 Crore.

In October 2023, NBCC Chief Management Officer K P Mahadevaswamy said PTI, ‘NBCC is committed to completing Amrapali Projects despite challenges.’ We are devoting our resources to ensuring that the project’s home buyers’ aspiration of becoming homeowners is realized. Our goal is to finish all of the projects by March 2025.’

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