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In the efforts to complete stalled housing projects of Amrapali in Noida and Greater Noida, state-owned NBCC has made significant progress. The completion of approximately 13,500 homes has been achieved so far, with nearly 5,100 units already handed over to customers. This initiative is being undertaken by the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE), formed under the direction of the Supreme Court, and executed through NBCC (India) Ltd.
NBCC has taken on the role of a Project Management Consultant (PMC) to complete the remaining 38,159 units and pending common facilities across 25 housing projects. Out of the total 46,575 apartments, 8,416 units were already occupied by home buyers before the Supreme Court judgment in July 2019. NBCC is dedicated to fulfilling the dream of homeownership for the project's buyers, and the company aims to complete all the projects by March 2025.
The total scope of work undertaken by NBCC amounts to around Rs 8,266 crore. The completion of work worth approximately Rs 5,512.10 crore has been achieved until September 2023. To facilitate the completion of these projects, funding support has been provided. SBICAP Ventures Ltd sanctioned Rs 650 crore for 6 projects, while a consortium of seven banks including Bank of Baroda, Indian Bank, State Bank of India, Punjab National Bank, UCO Bank, Bank of India, and Punjab & Sind Bank, sanctioned Rs 1,500 crore, releasing around Rs 1,496.45 crore until August 2023.
Under the supervision of the court Receiver, NBCC was granted permission by the Supreme Court to sell unsold inventories and Floor Area Ratio (FARS). Real estate consultants Anarock and Star Estates were enlisted to sell unsold units, resulting in sales worth Rs 2,500 crore.
NBCC, a navratna CPSE established in 1960, operates in three main areas: Project Management Consultancy (PMC), where it executes landmark projects across diversified sectors and redevelopment projects for the government; Engineering Procurement & Construction (EPC); and Real Estate Development.
In conclusion, NBCC's relentless efforts and dedication have resulted in significant progress in completing Amrapali's stalled housing projects. The completion and handover of thousands of homes demonstrate NBCC's commitment to fulfilling the aspirations of homebuyers. As the company continues to work diligently, the completion of the remaining projects by March 2025 is anticipated, marking a significant milestone in the real estate sector.
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