State-owned NBCC announced on Thursday its plans to develop an additional 13,500 flats across five ongoing projects of Amrapali in Greater Noida, investing Rs 10,000 crore. This follows approval from the local authority to develop unused land parcels. The company, tasked with completing stalled Amrapali housing projects, expects to generate Rs 15,000 crore in revenue from these flats. This revenue will cover construction costs, repay bank debts, and clear statutory payments to local development authorities.
Following Supreme Court directions, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the projects through NBCC. R Venkataramani, Senior Advocate of the Supreme Court and current Attorney General of India, was appointed as the Court Receiver.
Venkataramani expressed gratitude to the Supreme Court for facilitating the completion of Amrapali’s projects, calling it unprecedented globally. He emphasized the need for innovative solutions to address issues in the real estate sector.
NBCC CMD K P Mahadevaswamy elaborated on the pending and upcoming projects, stating that the Greater Noida Industrial Development Authority approved development on 75 acres of unused land in five existing projects of Amrapali. This development will involve an investment of Rs 10,000 crore and is expected to yield Rs 15,000 crore in sales.
The plan is to start launching these new apartments by the middle of the year, improving cash flow significantly and enabling repayment of existing loans and statutory payments.
Approval for the development will not compromise green spaces and promised facilities for homebuyers. NBCC aims to complete around 38,000 flats across various projects by December this year, with 16,000 already completed and 6,000 handed over to customers. The remaining units are expected to be completed by March 2025.
NBCC, established in 1960, operates in Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate Development. It plans to develop 13,500 apartments across 80 residential towers on the unused land parcels.
Also read : NBCC Receives Approval from Greater Noida Authority to Develop 5 Amrapali Projects