NBCC is most likely to commence construction work on 11,400 units of stalled Amrapali projects as early as this December. The declaration is made by a person familiar with the development.
It is also being revealed that the state-run organization has already started the efforts to raise funds to re-start the construction work of the beleaguered realty developer.
Earlier, the Supreme Court had appointed NBCC to develop the stalled projects of the Amrapali Group. The court also directed the debt recovery tribunal (DRT) to sell unencumbered commercial properties of the firm to recover money.
NBCC had reportedly told the Supreme Court it can complete the 15 stalled housing projects with 46,575 flats of Amrapali Group within 36 months at a construction cost of Rs 8,500 crore.
In its report submitted to Supreme Court, NBCC has laid out a three-tiered plan to develop the stalled projects of Amrapali. Based on the time to complete the construction, the firm has divided the pending units of Amrapali into three categories- A, B, and C. While there are 11,400 apartments under category A, there are 32,384 units under category B and 2,788 units in category C.
Noteworthy here is that Category A comprises the units that could be completed within 6-12 months. According to the official, work on Category A will be taken up immediately, closely followed by Category B and C units.
Meanwhile, the Supreme Court has already set the ball rolling to raise the funds needed for construction. The needfull will be done by the auctioning the Amrapali Group’s assets to raise money that will be needed for completion of unfinished housing projects.
In fact, the first round of auctions of 16 properties is expected to go under the hammer soon and is expected to fetch Rs 1,328 crore.