On Tuesday, the state-owned National Buildings Construction Corporation (NBCC) declared the sale of 5,000 units valued at Rs 2,900 crore from various residential projects of the erstwhile Amrapali Group. In compliance with the Supreme Court’s directive, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established to oversee the completion of stalled Amrapali projects through NBCC (India) Ltd.
In a significant stride toward resolving the stalled Amrapali projects, NBCC has achieved the sale of 5,000 flats, representing a value of approximately Rs 2,900 crore. This development is a crucial step in providing relief to the thousands of buyers who have been patiently awaiting the delivery of their apartments over the years. With this accomplishment, NBCC has successfully sold over 80% of the available inventory.
The sale of these 5,000 units was orchestrated by ASPIRE, the entity formed to conclude the pending Amrapali projects, operating under the oversight of the Supreme Court-appointed court receiver.
According to NBCC, there were a total of 46,575 apartments spread across 25 housing projects, out of which 8,416 units were already occupied by homebuyers prior to the Supreme Court judgment in July 2019. Acting as a project management consultant (PMC), NBCC was entrusted with completing the remaining 38,159 units and addressing pending common facilities in those projects where 8,416 units were already delivered, with an estimated cost of Rs 8,266 crore.
NBCC highlighted that there are 26 projects in total, with 11 projects in Noida, 14 in Greater Noida, and one in Manesar. As of now, NBCC has completed 11 projects in Noida and Greater Noida, with 14 projects currently under execution. The workforce, comprising approximately 8,000 individuals, is actively engaged across various projects. One commercial project in Greater Noida Tech Park is yet to commence.
NBCC’s CMD K P Mahadevaswamy reiterated the commitment to completing Amrapali projects despite challenges, dedicating resources to fulfill the home ownership dreams of the project’s buyers. The completion of all projects is anticipated by March 2025.