NBCC Receives Approval from Greater Noida Authority to Develop 5 Amrapali Projects

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    NBCC Receives Approval from Greater Noida Authority to Develop 5 Amrapali Projects Worth Rs 10,000 Cr

    State-owned NBCC announced on Wednesday that it has received approval from the Noida Authority to develop five Amrapali projects valued at Rs 10,000 crore.

    “NBCC (India) Limited has obtained preliminary approval from the Greater Noida Authority to develop unused and purchasable FAR (Floor Area Ratio) in continuation of existing projects of Amrapali, amounting to Rs. 10,000 crore (approximately),” the company stated in a stock exchange filing.

    The five projects include Centurian Park in GH-05, Sector Tech Zone-IV, Greater Noida, Golf Homes in GH-02, Sector-4, Greater Noida, Leisure Park in GH-01, Tech Zone-IV, Greater Noida, Leisure Valley in GH-02, Tech Zone-IV, Greater Noida, and Dream Valley in GH-09, Tech Zone-IV, Greater Noida.

    In December 2023, NBCC announced the sale of 5,000 units for Rs 2,900 crore across various residential projects of the former Amrapali Group.

    Following the Supreme Court’s direction, the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established to complete Amrapali’s stalled projects through NBCC (India) Ltd.

    According to NBCC, there were 46,575 apartments across 25 housing projects, out of which 8,416 units were already occupied by home buyers before the Supreme Court’s judgment in July 2019.

    As a project management consultant (PMC), NBCC was tasked with completing the remaining 38,159 units and pending common facilities in those projects where 8,416 units were already delivered, with an estimated cost of Rs 8,266 crore.

    NBCC CMD K P Mahadevaswamy stated to PTI in October 2023, “NBCC is committed to completing Amrapali Projects despite challenges. We are dedicating our resources to fulfill the dream of homeownership for the project’s home buyers. We aim to complete all projects by March 2025.

    (Credits: Moneycontrol)

    Also read: TCS Rents 400,000 Sq Ft Office Space in Noida

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