February 22, 2024: Government-owned NBCC on February 21, 2024 received approval from the Greater Noida Authority to develop unused floor area ratio (FAR) in five Amrapali projects valued at Rs 10,000 crore. The five projects are:
- Centurian Park, GH-05, Sector Tech Zone-IV, Greater Noida
- Leisure Park, GH-01, Tech Zone-IV, Greater Noida
- Leisure Valley, GH-02, Tech Zone-IV, Greater Noida
- Golf Homes, GH-02, Sector-4, Greater Noida
- Dream Valley, GH-09, Tech Zone-IV, Greater Noida
In 2019, NBCC was entrusted by the Supreme Court to oversee the completion of 26 stalled Amrapali projects encompassing 38,500 housing units. Acting as the project management consultant (PMC), NBCC formed the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) to address the stalled projects.
In March 2023, upon the Supreme Court’s directive, NBCC submitted a proposal regarding unused FAR. This additional FAR enables NBCC to develop new dwellings on the unused land within the five projects, facilitating their sale to generate revenue for settling the pending dues of the embattled firm.
In December 2023, NBCC reported sales of 5,000 units amounting to Rs 2,900 crore across multiple residential projects formerly under the Amrapali Group. Among the total of 26 projects, 14 are situated in Greater Noida, 11 in Noida and one in Manesar. NBCC disclosed completion of 11 projects in Greater Noida and Noida, with 14 projects currently in progress. Additionally, one commercial project in Greater Noida Tech Park is yet to commence.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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