Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The National Building Construction Corporation (NBCC), which is owned by the government, has finished constructing 7,100 houses out of 38,159 houses in the Amrapali projects located in Noida and Greater Noida, which were delayed for several years. To complete the remaining houses, it is estimated that over Rs 5,000 crore will be required, and the NBCC will have to explore other options, such as selling the unused Floor Area Ratio (FAR) in the current projects to obtain the necessary funds.
NBCC's Chairman and Managing Director, P.K. Gupta, stated that 2,650 finished units have been delivered to homebuyers so far. The agency has 11,000 labourers working on 23 projects, with the aim of completing them quickly, despite many obstacles. Despite the projects being stuck at various stages for years, Gupta is optimistic about succeeding in selling all unsold inventories and generating the necessary funds for the projects.
According to Gupta, NBCC has developed a plan to complete the projects by March 2025. He stated that the most significant challenge for the agency was to persuade the homebuyers to pay their instalments in the delayed projects since they had lost hope of ever receiving their homes. However, after arranging funds and initiating large-scale construction work, the buyers regained confidence, and they began paying their instalments.
To revive the projects, NBCC has raised Rs 2,150 crore, and officials claim that nine of the 23 projects, including Sapphire-1&2, Princely Estate, Silicon City-1, Platinum & Titanium, Silicon-2, Leisure valley Villas, and Dream Valley Villas, are close to completion. Sources indicate that NBCC has been encountering multiple obstacles, such as dual allotment, many untraceable defaulting buyers, litigation, and claims.
The agency has spent approximately Rs 4,121 crore as of January, and it has received around Rs 3,950 crore from various sources, including the instalments paid by homebuyers and the sale of unsold units. According to sources, NBCC will require around Rs 9,567 crore to complete all the projects, while the estimated available funds from various sources are estimated to be Rs 6,977 crore. The agency is expected to seek approval from the Supreme Court to sell the unused FAR.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
