The Greater Noida Industrial Development Authority (GNIDA) has given the green light for additional construction in Amrapali Group projects managed by NBCC. This move is anticipated to generate approximately Rs 450 crore in revenue for GNIDA.
Under the Supreme Court-monitored process, NBCC is overseeing the completion of five residential projects – Centurion, Smart City, Leisure Park, Leisure Valley, and Dream Valley in Greater Noida. The GNIDA had initially allocated 317 acres of land for these projects.
To raise funds for stalled Amrapali projects, NBCC requested an increase in Floor Area Ratio (FAR) from the GNIDA. Originally granted a FAR of 2.75, NBCC sought an increase to 3.5 FAR, which GNIDA has approved. This expansion allows for the construction of more flats and houses, contributing to the revenue for the completion of pending projects.
GNIDA CEO Ravi Kumar NG confirmed the agreement, stating that NBCC will deposit the promised amount in GNIDA’s account soon. This financial boost is crucial as the Amrapali Group owes approximately Rs 5,200 crore to GNIDA in dues.
Considering the bankruptcy situation and the Supreme Court’s intervention since 2019, GNIDA stands as the fourth creditor in line after homebuyers, banks, and other stakeholders. This decision to approve additional FAR aligns with efforts to maximize benefits for all stakeholders, especially the homebuyers, as part of ongoing discussions with the court receiver.
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