NBCC aims to complete Amrapali’s homes in Noida and Greater Noida by March 2025, bringing dreams of home ownership to life.
NBCC, a government-owned company, has made substantial progress in reviving the stalled housing projects of Amrapali in Noida and Greater Noida. The company has completed about 13,500 homes and plans to finish the remaining 25,000 apartments by March 2025.
The Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) oversees the completion of these projects through NBCC (India) Ltd, as directed by the Supreme Court.
K P Mahadevaswamy, the CMD of NBCC, expressed the company’s commitment to completing the Amrapali projects despite the challenges. He emphasised their dedication to making the dream of home ownership a reality for the project’s buyers. The target is to wrap up all the projects by March 2025.
NBCC has already completed approximately 13,500 flats, with 5,100 units handed over to customers. Before the Supreme Court’s judgement in July 2019, there were a total of 46,575 apartments across 25 housing projects, with 8,416 units already occupied by home buyers.
As the project management consultant (PMC), NBCC has been entrusted with completing the remaining 38,159 units and pending common facilities, with an estimated cost of Rs. 8,266 crore.
As of September 2023, NBCC has completed work worth around Rs. 5,512.10 crore and received Rs. 5,229.60 crore from clients until October 23 of this year.
To fund the completion of these 25 projects, SBICAP Ventures Ltd has provided Rs 650 crore for six projects. Additionally, a consortium of seven banks, led by the Bank of Baroda, has sanctioned Rs 1,500 crore and released approximately Rs. 1,496.45 crore until August 2023.
The Supreme Court has permitted NBCC to sell unsold inventories and Floor Area Ratio (FARs) under the court Receiver’s supervision. Real estate consultants Anarock and Star Estates have been engaged to sell the unsold units, with sales amounting to Rs. 2,500 crore so far.
NBCC, established in 1960, is a Navratna CPSE with expertise in Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate Development. The company have executed landmark projects in various sectors and handled government redevelopment projects.
The completion of these Amrapali housing projects is a significant step towards fulfilling the dreams of homebuyers and addressing the housing needs in Noida and Greater Noida. With sheer commitment and progress, NBCC aims to provide homes to thousands of families by March 2025.