Updated February 27th, 2024 at 13:15 IST

NBCC greenlit to craft 13,250 luxe homes in Greater Noida's Amrapali projects

NBCC greenlit for 13,250 luxury flats after Rs 10,000 crore FAR nod, eyes Rs 15,000 crore revenue surge.

Reported by: Business Desk
NBCC plans 13,250 upscale apartments in Greater Noida | Image:Pexels
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NBCC's high-end development: NBCC, the government’s construction arm, has received approval from the Greater Noida Authority to develop 13,250 high-end apartments across five Amrapali projects in Greater Noida. This development comes after the approval of an unused and purchasable floor area ratio (FAR) worth Rs 10,000 crore. The move is expected to generate an additional revenue of Rs 15,000 crore for NBCC.

Construction on these units is slated to commence around June or July this year, with a focus on 2, 3, and 4 BHK premium apartments. The revenue from these projects will be allocated towards covering construction costs, repaying bank debts, and fulfilling statutory payments to local authorities.

According to NBCC CMD K P Mahadevaswamy, approximately 13,250 apartments will be developed across 80 residential towers on unused land parcels. The repayment of loans amounting to Rs 1500 crore to banks and Rs 3000 crore to Greater Noida Industrial Development Authority (GNIDA) is also planned.

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Projected pricing details

These premium apartments are expected to be priced at approximately Rs 6000 per square foot and are projected to be completed within 30 months. The Greater Noida Industrial Development Authority has provided permission for development on 75 acres of unused land within five existing residential projects in Amrapali.

Furthermore, R Venkataramani, Senior Advocate of the Supreme Court and Attorney General of India, highlighted the challenging nature of the task of restoring confidence amongst homebuyers and banks. He emphasised the importance of innovative solutions for addressing issues in the Indian real estate sector.

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Ample land allocation

The five projects earmarked for development include Centurian Park, GH-05, Golf Homes, Leisure Park, Leisure Valley, and Dream Valley, collectively spanning 305.59 acres. NBCC has been granted in-principle approval for a 3.5 Floor Area Ratio (FAR), with 75.24 acres of vacant plot area now allocated for development.

NBCC's involvement in completing the stalled Amrapali project dates back to 2019, with the Supreme Court appointing it as the project management consultant. The company's focus, under the supervision of the court receiver, aim to address the backlog of housing units and revive the projects.

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Published February 26th, 2024 at 10:38 IST