All stalled Amrapali's housing projects to be completed by March 2025: NBCC CMD

NBCC, the state-owned enterprise, has made substantial strides in completing around 13,500 homes within the halted Amrapali housing projects across Noida and Greater Noida. The plan is to wrap up the remaining 25,000 apartments by March 2025, according to K P Mahadevaswamy, CMD of NBCC.

The establishment of the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE), in compliance with the Supreme Court's directive, aims to leverage NBCC (India) Ltd.'s capabilities to finalise the pending projects.

“We're resolutely dedicated to fulfilling the Amrapali Projects despite the hurdles. Our commitment lies in ensuring that the home buyers' dream of property ownership becomes a reality. We anticipate the completion of all projects by March 2025,” K P Mahadevaswamy told PTI.

NBCC has successfully concluded approximately 13,500 flats, with 5,100 units already handed over to buyers. Out of the total 46,575 apartments across 25 housing projects, 8,416 units were occupied by buyers before the Supreme Court's July 2019 judgment.

Functioning as the Project Management Consultant (PMC), NBCC is tasked with finalizing the remaining 38,159 units and pending common facilities across these projects, which had an estimated cost of Rs 8,266 crore.

By September 2023, NBCC had completed work worth around Rs 5,512.10 crore, receiving Rs 5,229.60 crore from clients as of October 23 this year.

To fund six projects, SBICAP Ventures Ltd has sanctioned Rs 650 crore, while a consortium of seven banks has sanctioned Rs 1,500 crore, disbursing approximately Rs 1,496.45 crore until August 2023.

Under the Supreme Court's guidelines, NBCC has been allowed to sell unsold inventories and Floor Area Ratio (FARs) under court Receiver supervision. Real estate consultants Anarock and Star Estates were appointed to sell unsold units, generating sales of flats worth Rs 2,500 crore.

Established in 1960, NBCC, a Navratna CPSE, operates in three key areas: Project Management Consultancy (PMC), executing various landmark projects across sectors, Engineering Procurement & Construction (EPC), and Real Estate Development.