GNIDA Gives Green Light to Amrapali Projects Boost for Financial Recovery

GNIDA Gives Green Light to Amrapali Projects Boost for Financial Recovery

GNIDA approves extra construction in Amrapali projects, raising Rs 450 crore for stalled endeavours. NBCC leads the way under SC supervision.

The Greater Noida Industrial Development Authority (GNIDA) has given the go-ahead for additional construction in the Amrapali Group’s ongoing projects. These projects (Centurion, Smart City, Leisure Park, Leisure Valley, and Dream Valley in Greater Noida) are now under the supervision of NBCC and the Supreme Court.

The GNIDA’s decision to grant an extra Floor Area Ratio (FAR) is projected to bring in a revenue boost of Rs. 450 crore. This financial injection results from the increased FAR, allowing the construction of more flats and houses. The revenue generated will play a crucial role in funding other stalled projects of Amrapali Group, which faced financial ruin, leading to the owner’s incarceration for alleged fund diversion.

Ravi Kumar NG, CEO of GNIDA, stated, “Originally, the Amrapali group was given a FAR of 2.75, and NBCC has been demanding 3.5 FAR. We have agreed to their demands, and this will result in (revenue of) Rs. 450 crore. NBCC will soon deposit this amount in GNIDA’s account.”

The Amrapali Group, facing dues amounting to nearly Rs. 5,200 crore to GNIDA, has been a financial challenge. With the approval of additional FAR, the hopes for financial recovery have been rekindled, ensuring a positive outcome for stakeholders, including homebuyers, in this Supreme Court-monitored revival process.