State-owned NBCC is making significant strides in the completion of Amrapali’s long-stalled housing projects across Noida and Greater Noida, following a directive from the Supreme Court. The Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was established to facilitate this ambitious endeavor, with NBCC (India) Ltd at the helm.
According to K P Mahadevaswamy, CMD of NBCC, the organization is fully committed to the completion of the Amrapali Projects despite various challenges. He expressed their dedication to ensuring the dreams of homebuyers involved in the project are realized and anticipates that all projects will be finalized by March 2025.
NBCC has already achieved substantial progress, with approximately 13,500 homes completed, and 5,100 units handed over to customers out of the total. The scope of the project is extensive, encompassing 46,575 apartments across 25 housing projects, with 8,416 units already occupied by homebuyers prior to the Supreme Court’s judgment in July 2019. As a Project Management Consultant (PMC), NBCC was entrusted with the completion of the remaining 38,159 units and pending common facilities, at an estimated cost of Rs 8,266 crore.
Financially, NBCC has executed work worth approximately Rs 5,512.10 crore as of September 2023, with Rs 5,229.60 crore received from clients as of October 23, 2023. To support the completion of these projects, SBICAP Ventures Ltd allocated Rs 650 crore for six projects, while a consortium of seven prominent banks, including Bank of Baroda, Indian Bank, State Bank of India, Punjab National Bank, UCO Bank, Bank of India, and Punjab & Sind Bank, sanctioned Rs 1,500 crore, disbursing approximately Rs 1,496.45 crore until August 2023.
The Supreme Court has played a pivotal role in overseeing this initiative, granting NBCC permission to execute the sale of unsold inventories and Floor Area Ratio (FARs) under the vigilant supervision of the court Receiver. This process has ensured transparency and generated substantial revenue, with flats worth Rs 2,500 crore already sold.
Established in 1960, NBCC, a Navratna Central Public Sector Enterprise (CPSE), has a diverse portfolio, including Project Management Consultancy (PMC), where they execute landmark projects in various sectors, including redevelopment projects for the government. NBCC is also actively involved in Engineering Procurement & Construction (EPC) and Real Estate Development, and it has earned a reputation for excellence over the years.
So, NBCC’s dedication to completing the Amrapali housing projects is a testament to their determination, commitment, and professionalism. With ambitious goals and significant progress already achieved, it is evident that the dreams of countless homebuyers are well on their way to becoming a reality. NBCC’s legacy of excellence continues to shine through, making this monumental endeavor a testament to their unwavering dedication to the cause.