State-owned NBCC on Thursday said it will develop an additional 13,500 flats in the five ongoing projects in Amrapali in Greater Noida with an investment of Rs.10,000 crore after the local authority allowed development or unused land parcels.
This company which has been tasked to complete stalled Amrapali housing projects, expects, Rs.15,000 crore worth revenue from these 13,500 flats enabling it to meet construction costs of pending projects and repay bank debts and clear statutory payments to local development authorities.
As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishments (ASPIRE) was formed to complete the stuck projects of Amrapali through NBCC (India) Ltd. The state-owned firm was asked to complete 38,000 flats and hand it over to homebuyers.
In 2019, R Venkataramani, Senior Advocate of Supreme Court, was appointed as the Court Receiver. In a press conference, Venkataramani thanked the Supreme Court for its efforts in ensuing completion of all stalled projects of Amrapali, saying it is unprecedented globally.
He recalled that it was a challenging task to ‘clean’ the ‘sin’, and it took a lot of effort to inspire stuck homebuyers and banks for fresh funding to complete the projects. ‘This gave them confidence,’ Venkataramani said.
NBCC is a National Building Construction Corporation. It is a public sector undertaking under the Ministry of Housing and Urban Affairs, Government of India. Established in 1960, currently, the company is responsible for completing Amrapali Group’s stalled housing projects in Greater Noida. The stock price of NBCC exhibited an oscillation and stood at Rs. 143.65 at 12:08 pm on Friday.
