In a step towards the resolution of stuck Amrapali project, NBCC (India) Limited has completed the sale of 5,000 flats having a value of around Rs 2,900 crore. This is a significant step towards delivering relief to the thousands of purchasers who have been waiting for years for their apartments. With this, the company has completed the sale of over 80% of the inventory available.
The sale of these 5,000 units has been conducted by Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE), a company floated to complete the pending Amrapali projects, under the supervision of the Supreme Court-appointed court receiver.
Further, NBCC is also completing and delivering the stalled/uncompleted projects of Amrapali. There are 26 projects in total with 11 projects in Noida, 14 projects in Greater Noida and one project in Manesar. Amrapali projects, namely Eden Park, Sapphire-1, Princely Estate, Silicon City-1, Platinum & Titanium, Zodiac, Silicon-2 located in Noida and the projects of Castle, Leisure Valley Villas, Centurian Park Low Rise & O2 Valley, Kingswood located in Greater Noida have been completed by NBCC. These 11 projects are valued around Rs 1,100 crore.
Currently, 14 projects with a value of around Rs 7,100 crore are under-execution. A strong workforce of approximately 8,000 is working across various projects. One commercial project in Greater Noida, i.e., Tech Park is yet to be started.
NBCC has completed and started to handover units to the court receiver. Around 15,000 flats across various projects are occupied. Under its scope of work, NBCC had to complete 15,915 units along with its structure, out of which the structure of 13,150 units (over 82%) have already been completed and work is in progress to complete the remaining 2765 units. NBCC is committed to complete the projects including finishing work before March 2025.
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