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State-owned NBCC secured approval from both the Greater Noida and Noida Authorities to embark on the development of five Amrapali projects valued at approximately INR 10,000 crore. This endorsement signifies a significant step forward in addressing the longstanding issues plaguing these projects.
The in-principle approval from the Greater Noida Authority enables NBCC to utilize unused and purchasable FAR (Floor Area Ratio) to advance the existing Amrapali projects. These projects, including Centurian Park, Golf Homes, Leisure Park, Leisure Valley, and Dream Valley, are strategically located within Greater Noida's Tech Zone-IV and Noida Sector-4.
Amrapali owes Noida and Greater Noida authorities over Rs 5,500 crore for lease payments and penal interest. Amrapali declared bankruptcy and deserted the projects, leaving numerous homebuyers who had put their money in them stranded.
The scale of the challenge became evident with 46,575 apartments across 25 housing projects, out of which 8,416 units were already occupied by home buyers prior to the Supreme Court's July 2019 judgment. Following the directives of the Supreme Court, the formation of Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) aimed to resolve the issues surrounding Amrapali projects through NBCC's intervention. NBCC was assigned as the project management consultant (PMC) in 2019 to finish the 24 stalled Amrapali projects, which include 38,500 flats. The estimated cost for this monumental task stands at INR 8,266 crore.
In December 2023, NBCC announced sales of 5,000 units for Rs 2,900 crore across several residential projects of erstwhile Amrapali Group. NBCC's Chairman and Managing Director, K P Mahadevaswamy, expressed unwavering commitment despite challenges. He emphasized NBCC's dedication to fulfilling the dreams of home ownership for project buyers, aiming to conclude all projects by March 2025.
To summarize, NBCC's recent approvals signify a crucial milestone in the resolution of Amrapali projects, underlining the company's dedication to addressing long-standing issues and delivering on its commitments despite market fluctuations and logistical challenges. With a clear timeline and strategy in place, NBCC aims to bring closure to the Amrapali saga while ensuring the realization of homebuyers' aspirations.
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